February 5, 2022 – What’s the future of Bitcoin and crypto currency? Jonathan McCollum, Chair of our Federal Government Relations practice based in Washington, D.C. provided key insights and direction on the future of digital assets and crypto currencies in the United States. In interviews with Axios, Reuters and Daily Mail, he commented on how the CBDC (Central Bank Digital Currency) has been a hot topic on Capitol Hill and that committee hearings are scheduled later this month. DHC is quickly being recognized as the go-to firm on U.S. digital currency thought leadership and governmental guidance.
The following is an excerpt taken from the Reuters article:
Creating an official digital version of the U.S. dollar could give Americans more, and speedier, payment options, but it would also present financial stability risks and privacy concerns, the U.S. Federal Reserve said in a long-awaited discussion paper released on Thursday.
The paper made no policy recommendations and offered no clear signal on where the Fed stands on whether to launch a central bank digital currency (CBDC), a digital form of cash in your pocket. The Fed said it would not proceed with creating one “without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.”
Jonathan McCollum, chair of federal government relations for Davidoff Hutcher & Citron, said some in Washington worry the United States could weaken its position as the holder of the global reserve currency if it does not move ahead. “The U.S. has the opportunity to set the rules for how digital currencies function in the international financial system, but it is critical we start now,” he said.