A hearing entitled "The Digitization of Money and Payments" was conducted by the US Committee on Banking, Housing and Urban Affairs on Tuesday, June 30. Sharing at the hearing, Charles Cascarilla, CEO and co-founder of Paxos, the issuer of the PAX stablecoin, pointed out that the construction of the digital dollar needs to focus on financial inclusion, blockchain, decentralization, and stablecoin.
Charles Cascarilla also stated that the central bank's digital currency (CBDC) will enhance financial infrastructure, increase inclusiveness, and strengthen the value and status of the US dollar.
Mike Crapo, Chairman of the Banking, Housing and Urban Affairs Committee, also attended the hearing, saying the digital currency is both inevitable and beneficial, and that the United States should play a leading role in its development.
At the hearing, Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC) also shared his ideas about the digital currency. He proposed that the US Congress should encourage and authorize the Fed and Treasury Department to carry out a series of pilot programs on the use of digital dollars, such as veterans' welfare, which can be conducted nationwide or locally.