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$6.4 TRILLION Dollars have been wiped from Global Economy in just the last 12 hours! In other news, China and Japan allegedly have dumped Trillions of U.S. Dollars recently, and with Trump setting up new Tariffs, China has declared Economic War on the United States. China has launched a Global Digital Payment bypassing the SWIFT system and selling Oil without Dollars. 00:00 – Stock Market Crash 04:53 – China Economic War with US 11:10 – Federal Reserve Emergency Meeting 15:41 – American Flag Digital Dollar 19:35 – Economic Crash of America 23:25 – The Show Has Begun
$6.4 TRILLION Dollars have been wiped from Global Economy in just the last 12 hours! In other news, China and Japan allegedly have dumped Trillions of U.S. Dollars recently, and with Trump setting up new Tariffs, China has declared Economic War on the United States. China has launched a Global Digital Payment bypassing the SWIFT system and selling Oil without Dollars. 00:00 – Stock Market Crash 04:53 – China Economic War with US 11:10 – Federal Reserve Emergency Meeting 15:41 – American Flag Digital Dollar 19:35 – Economic Crash of America 23:25 – The Show Has Begun
Legal expert Hagen Weiß (Dentons) analyzes how recent US regulatory shifts on stablecoins and digital assets are reshaping the global crypto landscape. We explore the geopolitical implications, compare with Europe's MiCA framework, and examine what these changes mean for financial institutions and DeFi projects across both continents.
According to a Dana Coverstone Dream, the coins and paper currency are going away but the thing that starts it is when pennies start going away. President Trump did away with pennies about two weeks ago. In other news, paper gold from London can no longer be used as collateral for CME trading and DOGE uncovers over 4M government credit cards responsible for 90M transactions. 00:00 – No Coins 03:11 – De-Listing of London Gold 08:15 – Rumors 11:32 – American Flag Digital Dollar 15:44 – DOGE Uncovers Transactions 21:46 – People Like Firecrackers 26:22 – Our Sponsors
According to a Dana Coverstone Dream, the coins and paper currency are going away but the thing that starts it is when pennies start going away. President Trump did away with pennies about two weeks ago. In other news, paper gold from London can no longer be used as collateral for CME trading and DOGE uncovers over 4M government credit cards responsible for 90M transactions. 00:00 – No Coins 03:11 – De-Listing of London Gold 08:15 – Rumors 11:32 – American Flag Digital Dollar 15:44 – DOGE Uncovers Transactions 21:46 – People Like Firecrackers 26:22 – Our Sponsors
Dive into our latest explosive podcast episode where we unravel the high-stakes debate over central bank digital currencies and the fight to preserve financial freedom. Discover how Trump's bold executive order and groundbreaking legislation are challenging the move toward a centralized digital dollar, while experts weigh in on gold's surging value and the global push by BRICS nations to upend the dollar's dominance. With in-depth discussions on escalating Middle Eastern tensions and the looming impact of tariffs, this episode is your must-listen guide to understanding the forces reshaping our economy and security. Tune in now for the insights that everyone's talking about!
As Prophecy Students we all know the Dollar will fall. What could replace it? It will be a new Digital Currency, and the start of the Mark of the Beast. For no man can buy or sell if he doesn’t have the Mark of the Beast. In other news, we see that Elon Musk eyes social security and entitlements for cuts amid widespread fraud. Lastly, Pastor Stan shares some new information about Cryptocurrencies 00:00 – War Has Begun 06:29 – Entitlements 13:55 – Cryptocurrencies 20:41 – New Digital Checkbook 25:00 – Digital Dollar
As Prophecy Students we all know the Dollar will fall. What could replace it? It will be a new Digital Currency, and the start of the Mark of the Beast. For no man can buy or sell if he doesn’t have the Mark of the Beast. In other news, we see that Elon Musk eyes social security and entitlements for cuts amid widespread fraud. Lastly, Pastor Stan shares some new information about Cryptocurrencies 00:00 – War Has Begun 06:29 – Entitlements 13:55 – Cryptocurrencies 20:41 – New Digital Checkbook 25:00 – Digital Dollar
Welcome to today'sBlockchain DXB AI Takeover episode! This episode has been created 100% usingNotebook LM by Google. Stay tuned as we break down the latest updates in the world of cryptocurrency and finance:The Bureau of Labor Statistics will releaseJanuary 2025 inflation numbers at8:30 A.M. Eastern Time (17:30 GST).The official inflation report can be accessed athttps://www.bls.gov/cpi/.Tune in for our commentary on how these numbers could impactBitcoin (BTC) and the broadercrypto market.In aSenate Banking Committee hearing,Senator Bernie Moreno (R-OH) askedFed Chair Jerome Powell to commit to never issuing a CBDC under his leadership. Powell firmly responded“Yes”.Key Takeaways:ETF applications fromCanary Capital, VanEck, 21Shares, andBitwise Inc are now under theSEC's 21-day public comment period.Optimism is growing for potentialSolana ETF approvals, signaling a more favorable regulatory environment.Grayscale's Solana ETF is the furthest along in the review process and could act as a bellwether.More details via CoinDesk.NBP President Adam Glapiński stated Bitcoin will not be held in Polish reserves “under any circumstances.”He emphasized that reserve assets must be “absolutely secure” and praisedgold's role in increasing the bank's reserves by 22% last year.While recognizing Bitcoin's significance, he dismissed it as apermanent, safe element.Info via Business Insider.Dubai Future Foundation & IBM CollaborateAiming to positionDubai as a global AI hub, this partnership highlights the UAE's ambition to lead intechnological innovation.Qareeb & Pantheon Strategic PartnershipA joint venture will see the rollout ofBitcoin mining data centers across the GCC, strengthening the region's crypto infrastructure.For today'spodcast slides, clickhere.To support this channel:https://www.patreon.com/BlockchainDXB⚡ Buy me Coffee ☕https://www.buymeacoffee.com/info36/w/6987⚡ Advanced Mediahttps://www.amt.tv/⚡ The Race Space Podcast
In this week's Omni Talk Retail Fast Five news roundup, sponsored by the A&M Consumer and Retail Group, Ownit AI, Avalara, Mirakl, and Ocampo Capital, Chris and Anne discussed: - The implications of this year's Black Friday and Cyber Week data (Source) - Walmart's aggressive push into livestreaming, culminating with Dolly Parton live on Cyber Monday - OpenAI's evaluation of chatbot advertising - Digimarc partnering with Picadeli to reduce price look up fraud at the salad bar - And closed with a discussion on how the retail industry should view overseas marketplaces, aka “Digital Dollar Stores,” getting into the toys business There's all that, plus something called “Shrimp Jesus,” and how often Anne gets a craving for Kraft Mac & Cheese. Music by hooksounds.com
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Paul Craig of Nostromo Management (Biffy Clyro) and Kwame Kwaten of Ferocious Talent (Blue Lab Beats, Hak Baker) are interviewed by the Music Manager Forum's Laura Erinle in this special edition of How Did You Manage That? Ahead of their terms ending as MMF Board Chair and Vice-Chair at the MMF AGM on the 17th of September 2024, Paul & Kwame look back at their time at the MMF and talk about their hopes for the future, reflecting on the Accelerator Programme, Covid, Dissecting the Digital Dollar and the changing landscape of music management. To find out more about the MMF, give @mmf_uk a follow on Insta.
Discover Trump's crypto project aimed at preserving U.S. dollar supremacy through stablecoins yet he's against CBDCs. Meanwhile, scammers duped thousands of Trump supporters with his new crypto project. Both are centrally controlled and programmable tools used by the Banking Cartel. Get your 2024 Trump Silver Presidential Medal here: https://bit.ly/TrumpSilver Secure & Preserve your future against market & government unpredictability. Visit https://colonialmetalsgroup.com/rtd or call 888-521-2448 to speak with the experts today. Get your questions answered about a Self-Directed IRA. Special offer: You'll receive a safe and up to $10,000 in free silver from Colonial Metals Group. Get started in silver today! Set up auto ship with as little as 1oz a month and earn cash by helping others do the same. Visit http://mysilverteam.com to find out more. Support the RTD Mission: Our goal is to educate through video & written articles a contrarian viewpoint against mainstream lies in order to wake up the masses. Any contribution to the mission helps. Thanks in advance!!! https://www.rethinkingthedollar.com/donate/ DISCLAIMER: The financial and political opinions expressed in this video are those of the guest and not necessarily of "Rethinking the Dollar." Views expressed in this video should not be relied on for making investment decisions or tax advice and do not constitute personalized investment advice. The information shared is for the sole purpose of education and entertainment only.
Nicholas Anthony is a policy analyst at the Cato Institute's Center for Monetary and Financial Alternatives, a fellow at the Human Rights Foundation, and is also a returning guest to the podcast. Nick rejoins David on Macro Musings to talk about a new book he has authored titled, *Digital Currency or Digital Control: Decoding CBDC and the Future of Money.* Specifically, Nicholas and David discuss the history of CBDCs, their challenges and drawbacks, Nick's recommendations for the future, and a lot more. Transcript for this week's episode. Nick's Twitter: @EconWithNick Nick's Cato profile David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Related Links: *Digital Currency or Digital Control: Decoding CBDC and the Future of Money* by Nicholas Anthony *Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC* by Macro Musings *Macroeconomic Modelling of CBDC: A Critical Review* by Ulrich Bindseil and Richard Senner *Ulrich Bindseil on Central Bank Operating Systems* by Macro Musings Timestamps: (00:00:00) – Intro (00:01:50) – The Future Prospects of CBDC: From Congress to the White House (00:07:35) – The History of CBDCs (00:11:19) – Breaking Down the Three Types of CBDCs (00:17:22) – The Challenges and Drawbacks of CBDCs (00:25:42) – The Buffer Between CBDCs and Privacy (00:31:00) – Wholesale CBDCs, Real-time Payments, and Cross-border Payments (00:41:06) – The Potential Destabilizing Effects of CBDCs (00:46:12) – The Pros and Cons of a CBDC for the Fed (00:53:23) – Responding to Pro-CBDC Arguments (00:59:05) – Recommendations for the Future of CBDCs (01:01:92) – Outro
Interview with Jeremy Allaire, the Co-founder and CEO of Circle. Topics:- USDC.com launch and $15 Trillion in USDC volume since 2018 - Stablecoin adoption outlook - EU Stablecoin regulations - Competitors Tether USDT, PayPal PYUSD, Ripple RLUSD and stablecoin market outlook - Circle's partnership with BlackRock - Circle's new banking partner distribution to avoid another Silicon Valley bank situation - Plans to expand USDC to other blockchains - Circle IPO - US Crypto Regulations
In crypto news today SEC Chair Gary Gensler talks about the Ethereum Spot ETF approvals and Crypto impact on Elections. Solana launches Blink, and Circle says USDC is the global Digital Dollar.
MLB Picks, Predictions and Sharp Bets for Today | Bet With Ace for Wednesday, June 26Introduction 00:00Betting Recap 02:50Dalton Knecht NBA Draft 08:20MLB Betting Steam and GOLD 08:40Ace Answers Viewers' Questions 13:47Gianni Message to Barry and American Veterans 13:50NFL ML and ATS Differences 20:57Gianni on Dave Cokin's Announcement 25:23Daily Live Streaming? 26:36Gianni on Future Bets 29:40Betting Emotionally 32:42Gianni on Digital Dollar 41:22Gianni on Price of Gold 50:20
Matthew Hill chats with Phillip Patrick of Birch Gold Group about the dangers of digital currency and how you can secure your assets with physical gold. Call 800-422-3388 or visit birchgold.com/swrc to request your FREE info kit!
In today's episode, we dive into the latest whirlwind of the crypto and NFT markets. The U.S. House passes the CBDC Anti-Surveillance Act, curbing the Federal Reserve's power over retail CBDCs and protecting consumer privacy. Meanwhile, a crypto trader's strategic investments in PEPE, ONDO, and BEAM yield a stunning $42 million profit. UNI tokens surge over 15%, and the NFT market sees unexpected growth with Milady NFTs jumping 35%. We also discuss ongoing legal battles, regulatory pressures, and bullish predictions for Bitcoin and Fantom, painting a dynamic picture of the ever-evolving digital asset landscape. HOW CAN SUPPORT THE SHOW? SUBSCRIBE: RARE BITS PODCAST WATCH: RAREBITS LIVE YOUTUBE READ: .RARE BITS SUBSTACK Follow on X: BEATBROKER RARE BITS LIVE GET SOME MERCH RARE BITS GEAR:RARE BITS MERCH
Today Pastor Stan talks about the Fall of the Dollar, the New Madrid Earthquake, a Wealth Transfer, the Internal Revolution, and Donald Trump. In other news, we look at a new dream from Vicki called: Where is all the money. According to a lot of prophecies, ATM’s and Banks will soon close, and we will be forced to use a Digital Dollar. 00:00 - Intro 02:58 - Points 03:49 - Hannity Video 06:17 - Prophecy Club Gold 08:18 - Where is the Money 11:12 - Death of the Dollar 17:52 - Internal Revolution in China 20:48 - New Digital Checkbook 23:39 - American Flag Digital Dollar
Today Pastor Stan talks about the Fall of the Dollar, the New Madrid Earthquake, a Wealth Transfer, the Internal Revolution, and Donald Trump. In other news, we look at a new dream from Vicki called: Where is all the money. According to a lot of prophecies, ATM’s and Banks will soon close, and we will be forced to use a Digital Dollar. 00:00 - Intro 02:58 - Points 03:49 - Hannity Video 06:17 - Prophecy Club Gold 08:18 - Where is the Money 11:12 - Death of the Dollar 17:52 - Internal Revolution in China 20:48 - New Digital Checkbook 23:39 - American Flag Digital Dollar
We start with Scott Moe of Saskatchewan refusing to answer the question or apologize regarding the treatment of the Unjab'd. Jagmeet hinting at an early election in the Council meeting. Is he vying for PM? There is survey of how angry and untrustworthy Canadian's are right now of the Government, and there are some surprises on Atlantic Canada and Quebec's responses. Then we go deep into CBDC's, the reports from the Bank Of Canada, WEF, Horizons Canada, McKinsey and Co, the misleading posts on the internet What is the difference between these and the way it is today in Canada at least? Did this ship sail under the bridge 15 years ago and we missed our chance to stop it then? Is it too late? Even the Digital id that is required. Is that not already here? And then the good news. The massive 80k-100k survey of diverse Canadians about this. And no one wants it and no one trusts the government or the Bank of Canada. To gain access to the second half of show and our Plus feed for audio and podcast please clink the link http://www.grimericaoutlawed.ca/support. For second half of video (when applicable and audio) go to our Substack and Subscribe. https://grimericaoutlawed.substack.com/ or to our Locals https://grimericaoutlawed.locals.com/ or Rokfin www.Rokfin.com/Grimerica Patreon https://www.patreon.com/grimericaoutlawed See links to the stuff we chatted about: https://ised-isde.canada.ca/site/innovation-better-canada/en/canadas-digital-charter-trust-digital-world https://horizons.service.canada.ca/en/2020/02/11/exploring-biodigital-convergence/ https://www.bankofcanada.ca/digitaldollar/ https://www.weforum.org/agenda/2022/07/carbon-backed-cryptocurrency-tackling-climate-change/ Support the show directly: https://grimerica.ca/support-2/ Outlawed Canadians YouTube Channel: https://www.youtube.com/@OutlawedCanadians Our Adultbrain Audiobook Podcast and Website: www.adultbrain.ca Our Audiobook Youtube Channel: https://www.youtube.com/@adultbrainaudiobookpublishing/videos Darren's book www.acanadianshame.ca Check out our next trip/conference/meetup - Contact at the Cabin www.contactatthecabin.com Other affiliated shows: www.grimerica.ca The OG Grimerica Show www.Rokfin.com/Grimerica Our channel on free speech Rokfin Join the chat / hangout with a bunch of fellow Grimericans Https://t.me.grimerica https://www.guilded.gg/chat/b7af7266-771d-427f-978c-872a7962a6c2?messageId=c1e1c7cd-c6e9-4eaf-abc9-e6ec0be89ff3 Get your Magic Mushrooms delivered from: Champignon Magique Get Psychedelics online Leave a review on iTunes and/or Stitcher: https://itunes.apple.com/ca/podcast/grimerica-outlawed http://www.stitcher.com/podcast/grimerica-outlawed Sign up for our newsletter http://www.grimerica.ca/news SPAM Graham = and send him your synchronicities, feedback, strange experiences and psychedelic trip reports!! graham@grimerica.com InstaGRAM https://www.instagram.com/the_grimerica_show_podcast/ Purchase swag, with partial proceeds donated to the show www.grimerica.ca/swag Send us a postcard or letter http://www.grimerica.ca/contact/ ART - Napolean Duheme's site http://www.lostbreadcomic.com/ MUSIC Tru Northperception, Felix's Site sirfelix.bandcamp.com If you would rather watch: https://rokfin.com/stream/47770 https://rumble.com/v4q9sr9-canadian-cbdc-report-digital-dollar-and-survey-of-angry-canadians.html https://grimericaoutlawed.locals.com/post/5532410/canadian-cbdc-report-digital-dollar-and-survey-of-angry-canadians https://www.youtube.com/watch?v=kEQ5G3OEQsk
Costco sold out of gold quickly after offering it for sale at $1,900, surprising many with the demand for this traditionally valuable asset. In this week's episode of Retire in Texas, Darryl Lyons delves into the unexpected surge of interest in gold sparked by Costco's foray into selling the precious metal, while also exploring the contentious debate surrounding the potential introduction of a government-backed digital dollar. Show highlights include: *A breakdown of gold's recent surge in value and why it is attributed to inflation hedging and fear in the market, with concerns about potential shifts in the US economic and political systems. * Why advocates for the digital dollar argue it would reduce fees, facilitate faster disaster relief, eliminate the need for physical cash, provide access to currency for the unbanked, and align with global trends. *The doubts that many have about the government passing fee savings to consumers, concerns over quick fund access leading to quick withdrawals, and skepticism towards the necessity of eliminating cash entirely, *Concerns about the potential negative impact of a digital dollar on the monetary system. If you enjoyed today's episode, be sure to leave a comment and share the show with a friend! Disclaimer: Clicking the Like button does not constitute a testimonial for, recommendation or endorsement of our advisory firm, any associated person, or our services. Clicking the Like button is merely a mechanism to circulate our social media page. “Like” is not meant in the traditional sense. In addition, postings must refrain from recommending us or providing testimonials for our firm.
Chris Giancarlo is a former CFTC chairman and author of the book crypto dad the fight for the future of money, co founder of the digital dollar project. We discuss:- What's the latest with the Digital Dollar- Fed Chair Jerome Powell's recent comments about the Digital Dollar development- Stablecoins vs CBDCs- Will AI be used with the Digital Dollar CBDC? - Thoughts on members of Congress and some political candidates coming out against CBDCs - Revisiting the pushback on Facebook's Diem Digital Currency - Bitcoin Spot ETF - CFTC vs SEC Ethereum ✅ Sponsor - VeChain is a versatile enterprise-grade L1 smart contract platform https://www.vechain.org/
In crypto news today Fed chair Jerome Powell gives update on CBDC digital dollar. Pantera Capital wants FTX solana holdings. SEC Gary Gensler crypto fud.
www.commsolutionsmn.com- We're back with season 8, and we're off to a raging start. We're going after an issue that seems like a national issue, but it really doesn't get more local than what's in your wallet. The Federal Reserve has been talking about issuing a new currency… a progammmable digital-based currency. This isn't the first time a new US currency has been implemented. Most times the American consumer got the short end of the stick on the conversion. This new currency will no longer have physical money, but will be completely digital and run through the Federal Reserve system. This will have huge implications for you, because the Fed will be able to track and trace every dollar you earn, invest, and spend. This currency will be programmable, which means that they can control how you use your money. All they have to do is program the restrictions on your account to allow you buy certain things or not, spend your money somewhere or not, or donate to a certain organization or not. The Chinese are already putting parts of this in place with their social credit system. The World Economic Forum has already lauded China as the gold standard. President Biden has already tasked the government with designing this currency, creating the programmable technology, and laying uot a plan for implementation. It's all ready to go, now we're just waiting for an economic emergency. At some point, things will crash and they will step in with this ready-made solution. Check out the Community Solutions Podcast on your mobile device's podcast app or click on the button for other options.
Marty sits down with Whitney Webb and Mark Goodwin to discuss their new piece on Farmington and the digital dollar. Unlimited Hangout Article: https://unlimitedhangout.com/2023/12/investigative-reports/unmasking-farmington-ftx-fluent-finance-and-the-coming-digital-dollar/ Whitney on Twitter: https://twitter.com/_whitneywebb Mark on Twitter: https://twitter.com/markgoodw_in 0:00 - Intro6:17 - Exposition on Farmington and Fluent Finance12:47 - Stablecoins21:18 - Transitioning to CBDC35:30 - Crisis as pretense for surveillance and war53:59 - Digital ID1:04:02 - Powell's not your pal1:07:37 - Figuring out the de facto CBDC1:13:41 - Manufactured consent psyops1:18:46 - National figureheads1:28:56 - Social media warzone1:37:04 - Preventing Bitcoin co-opting1:49:13 - They'll profile and surveil everyone1:59:05 - Fighting AI-controlled life2:25:37 - Building alternatives2:34:50 - Wrapping up Shoutout to our sponsors: River Unchained CrowdHealth Bitcoin Talent Co TFTC Merch is Available: Shop Now Join the TFTC Movement: Main YT Channel Clips YT Channel Website Twitter Instagram Follow Marty Bent: Twitter Newsletter Podcast
Stan Johnson shares the latest information on the coming digital dollar. --- Support this podcast: https://podcasters.spotify.com/pod/show/brad-polk/support
Former CFTC Chairman Christopher Giancarlo updates on the evolution of Central Bank Digital Currencies around the world and predicts where we're headed.
Christina Skinner, assistant professor at The Wharton School of the University of Pennsylvania, talks about why a potential U.S. central bank digital currency “opens a Pandora's Box” of questions about the role of the Fed and could pose a grave threat to banks.
Have you ever wondered about the intersection of politics and money? Historically, Wall Street and Washington, D.C. operated in separate spheres, but the 2008 financial crisis changed that dynamic. With the Troubled Asset Relief Program (TARP) and its $700 billion bailout, the financial epicenter shifted from New York to D.C., where decisions now influence global markets. Central Bank Digital Currencies (CBDCs) are the latest financial instruments caught in this political crossfire. While countries like China have already adopted CBDCs and others are in development, the U.S. finds itself in a heated debate. Subscribe to podcast updates: https://form.jotform.com/223614751580152Ask Ric: https://www.thetayf.com/pages/ask-ricRic's Books: https://www.amazon.com/stores/Ric-Edelman/author/B000APYJPM-----Links from today's show:CBDA to become Certified in Blockchain and Digital Assets: https://dacfp.com/certificatIon/Boston Fed, MIT complete research project into feasibility of a central bank digital currency: https://www.bostonfed.org/news-and-events/news/2022/12/project-hamilton-boston-fed-mit-complete-central-bank-digital-currency-cbdc-project.aspxBank of England statement on Central Bank Digital Currency: https://www.bankofengland.co.uk/news/2021/april/bank-of-england-statement-on-central-bank-digital-currencyJPM Coin [ONYX]: https://www.jpmorgan.com/onyx/coin-system.htmCiti coin: https://www.bloomberg.com/news/articles/2023-09-18/citi-debuts-token-service-in-latest-foray-into-digital-assets#xj4y7vzkg-----Follow Ric on social media:Facebook: https://www.facebook.com/RicEdelmanInstagram: https://www.instagram.com/ric_edelman/ LinkedIn: https://www.linkedin.com/in/ricedelman/X (formerly Twitter): https://twitter.com/ricedelman YouTube: https://www.youtube.com/@RicEdelmanBrought to you by:Global X ETFs: https://www.globalxetfs.com/Invesco QQQ: https://www.invesco.com/qqq-etf/en/home.htmlPrisidio: https://www.prisid.io/Schwab: https://www.schwab.com/Disclosure page: https://www.thetayf.com/pages/sponsorship-disclosure-fee-----
The House Financial Services Committee has been investigating the possibility of the Federal Reserve creating a Central Bank Digital Currency. In this episode, hear experts unpack the nuances and implications of this idea during three hearings, and discover how you can play a part in shaping the future of American currency. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via Support Congressional Dish via (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Background Sources Recommended Congressional Dish Episodes Operation Choke Point Frank Keating. November 7, 2018. The Hill. House Committee on Oversight and Government Reform Staff. May 29, 2014. U.S. House of Representatives. Digital Asset Glass-Steagall James Rickards. August 27, 2012. U.S. News & World Report. Audio Sources September 14, 2023 Committee on Financial Services, Subcommittee on Digital Assets, Financial Technology and Inclusion Witnesses: Yuval Rooz, Co-Founder and Chief Executive Officer, Digital Asset Paige Paridon, Senior Vice President and Senior Associate General Counsel, Bank Policy Institute Christina Parajon Skinner, Assistant Professor, The Wharton School of the University of Pennsylvania Dr. Norbert Michel, Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute Raúl Carrillo, Academic Fellow, Lecturer in Law, Columbia Law School Clips 27:35 Rep. French Hill (R-AK): Look, the Constitution is clear. Only Congress has the authority to coin money and regulate the value of such money. And we've heard the same from Fed officials, right before this committee, and most recently from Vice Chair for Supervision, Michael Barr, who last week told an audience in Philadelphia and I quote, "The Federal Reserve would only proceed with the issuance of a CBDC with clear support from the executive branch and authorizing legislation from Congress." The Biden Department of Justice agrees, saying, quote, "there would be substantial legal risks to issuing a CBDC without such legislation." 32:05 Rep. Stephen Lynch (D-MA): CBDC is just one type of publicly issued digital dollar and would be issued, backed, and regulated by the Federal Reserve and have the full faith and backing of the US government. This could serve as an alternative to existing forms of payments and have a benefit, including instant payment settlement, provide a medium for cross border transactions, and foster greater financial inclusion. More than 130 countries have begun to explore their own government backed digital currencies. China, Russia, Saudi Arabia and India have already commenced pilot programs, and a digital Euro pilot could be launched as early as 2028. Meanwhile, the US remains far behind amid increasing and blatant information about features of digital currency. While concerns about data privacy and government surveillance are real, especially in countries that do not respect human rights and privacy, a CBDC does not have to be designed that way. We could employ an architecture that would protect personal data while including anti-money laundering and terrorist financing features. 33:15 Rep. Stephen Lynch (D-MA): It is counterintuitive that my colleagues should be raising concerns about data privacy while thousands of private companies, domestic and foreign, are surveilling, aggregating, and selling consumer data each and every day. 33:45 Rep. Stephen Lynch (D-MA): I'm announcing and inviting my colleagues to join the Congressional Digital Dollar Caucus. This forum will educate members on critical issues relating to the development, design, and potential implementation of a government issued digital dollar. I plan to invite innovators, technologists, academics, and other experts to share their findings and development. I hope my colleagues will join me in this exploration. 34:15 Rep. Stephen Lynch (D-MA): The use of anonymous cash has plummeted and more of our transactions are occurring online and under surveillance, tracked and aggregated by financial services companies. Indeed China has turned that fact into a tool of full spectrum surveillance of its citizens. This is why I've introduced the Ecash Act. This bill directs the Treasury to design and pilot a digital version of cash and would complement the Fed-issued CBDC. It would allow individuals to make instant peer to peer payments with no consumer data or transaction tracking and without the use of a bank account. 36:10 Rep. Tom Emmer (R-MN): The need to protect Americans' right to financial product privacy is at an all time high. That's why I introduced the CBDC Anti-Surveillance State Act with over 50 of my colleagues. This bill prevents unelected bureaucrats from creating a tool for financial surveillance if not open, permissionless, and private, like cash, a CBDC is nothing more than a CCP-style surveillance tool that will oppress the American way of life and we're not going to allow that to happen. 38:20 Dr. Norbert Michel: In my testimony, I argue that the United States should not launch a Central Bank Digital Currency, a CBDC. Advocates for a CBDC tout many potential benefits, but there's nothing unique about the technology that would provide those supposed benefits. 39:00 Dr. Norbert Michel: A CBDC in any form would be a direct liability of the central government, a digital tether to its citizens such that it would radically alter the existing public-private relationship that already exists in our monetary arrangement. 39:25 Dr. Norbert Michel: First, issuing a CBDC would not help preserve the status of the United States dollar, it would likely damage it. Proponents argue that because China has launched a CBDC, the United States must keep up by launching its own. Others make the narrower claim that the US must launch a CBDC to keep up with broader technological changes in the payment sector. But anyone who chooses to do so can transact digitally in U.S. dollars right now. The CBDC does not take us from a world with zero or a few digital transactions to one filled with digital transactions. Moreover, the dollar's renowned status is owed to the strength of the American economy and its legal protections for private citizens relative to many other countries. Unlike in many other places, Americans do not have to live in constant fear that the government will take their money. However, if the US creates a CBDC, anyone who wants to use the dollar would lose a layer of protection from that type of government abuse. 40:30 Dr. Norbert Michel: The second myth is that a CBDC would expand financial inclusion by providing a new source of financial services for America's unbanked and underbanked populations. Again, though, this is not a technological problem. In other words, the CBDC itself does not accomplish this goal. The private sector already enables us to transact digitally, and it has been steadily shrinking the number of Americans without financial services for years. We also know, because the FDIC asked them, that unbanked and underbanked Americans primarily are in that situation because either they don't have enough money to have an account, or they don't want to give their personal information to a bank or the government. And what should be obvious is that a lack of sufficient income is a much broader economic problem than a CBDC or financial service technology. While some proponents argue that a CBDC lowers the cost of providing financial services, that's true only if the government subsidizes those costs or chooses to waive the same level of regulatory scrutiny it requires of private firms. And that level of scrutiny, it turns out is more than just a costly mandate that the government has placed on private firms. It's also the one that causes those unbanked Americans to say they don't trust banks. It's also the same one that requires people to hand over their personal information to private companies, and as a result potentially to the government. If the government removes that mandate for all financial service providers, there would be no cost advantage to a CBDC. 42:05 Dr. Norbert Michel: That brings me to my last myth, the idea that a CBDC could somehow enhance financial privacy. Currently, Americans are forced to hand over personal information to financial institutions. Those institutions are required to track transactions, and the government can access that information without a warrant. The fourth amendment is supposed to protect Americans from the government gaining access to this kind of information, unless they show probable cause and obtain a warrant. But it no longer protects Americans when it comes to financial information. And the only buffer left is that the government must go through the financial institution to obtain that information. Introducing a CBDC would remove this last layer of protection. It would place all financial transactions either in a government database or leave them a keystroke away. 44:15 Paige Paridon: We believe that at this point there is little evidence that a CBDC would bring measurable benefits to the US economy or consumers. Furthermore, a CBDC could upend the commercial banking system and create financial instability. 44:30 Paige Paridon: CBDC can take one of two general forms: a wholesale CBDC, which would be used only by financial intermediaries, and a retail CBDC, which could be used by consumers and businesses. To date, most research and attention has been focused on a retail, intermediated, account-based model in which consumer's CBDCs would be held in an account at a bank or another financial intermediary, like an asset held in custody. The CBDC could not be used by the bank to make loans in the way that dollar deposits are used today. Any transfer of $1 deposit from a bank to a CBDC is $1 unavailable for lending to businesses or consumers. By attracting deposits away from banks, a CBDC likely would undermine the commercial banking system in the United States and severely constrict the availability and increase the cost of credit to the economy. 46:30 Paige Paridon: With respect to financial inclusion, a review of the reasons why certain individuals are unbanked makes it clear that a CBDC would be unlikely to meaningfully increase financial inclusion. For example, FDIC data reveals that many respondents are unbanked because of privacy concerns, and intermediated CBDC is unlikely to mitigate those concerns, given that it would presumably come with the same know-your-customer requirements that currently apply to banks. 54:35 Christina Parajon Skinner: So privacy rights are the clearest place to start. Today, individuals can enjoy comprehensive privacy in their payments transactions by using cash. Now, although most central banks have suggested that CBDC is not going to replace cash, that near-term promise can't be guaranteed over the longer term, and the insinuation that CBDC is necessary or inevitable seems motivated by a view that cash will eventually become obsolete. But because central banks don't have the technology presently to offer cash-like privacy, a digital currency -- unless it's radically redesigned -- will bring with it the ability for the state to monitor or surveil its citizens' payments activity. 55:20 Christina Parajon Skinner: I'd like to focus on the impact of a CBDC on the Federal Reserve. Certainly since 2010, the power and authority of the Fed has grown considerably, and Congress's responsibility to oversee the Fed requires it to understand how a CBDC could further empower the central bank but also how it might weaken it. On the one hand, CBDC could result in a larger central bank balance sheet. Issuing CBDC would increase the liability side of the Fed's balance sheet if the total of bank reserves, repos, and cash balances largely remained unchanged. So if the liabilities with CBDC increase, so too much the Fed's assets. The Fed could buy more Treasury securities to match CBDC, but that could possibly invite pressure on the Fed to issue more CBDCs to in turn absorb more government debt. And overall, that dynamic could further erode the limited fiscal discipline that we have remaining. A CBDC could also affect the Fed's independence in the way that it would establish a direct relationship between the central bank and the real economy for the first time in history. One result of that relationship would almost certainly be the further erosion of the line between monetary and fiscal policy. When central banks begin to issue liabilities directly to the people, it will become much more difficult for the central bank to justify their provision of liquidity to banks and the financial system, as opposed to households, especially during a crisis. And effectively this could open the door to political pressure on the Fed to provide liquidity assistance to households during turbulent economic times. But these sorts of household level interventions would radically transform the central bank and its purpose and role within society. 57:40 Christina Parajon Skinner: So it does not inherently improve financial inclusion unless it's paired with accounts for all citizens, which the central bank itself has already recognized as infeasible. 59:15 Raúl Carrillo: Today, I support the call for a digital dollar system, including CBDC, Fed accounts, and Ecash. 1:02:15 Raúl Carrillo: Indeed, the only way to evolve beyond the surveillance status quo is to establish a direct digital dollar interface with consumers where the Fourth Amendment and other protections may actually apply. If we truly care about privacy, we should treat the banking and blockchain industries' appeals to partnership as suspect, based on legal and technological grounds alone. We can build a retail CBDC and Fed account system with superior protections compared to what exists now and superior protections to the systems that are being built around the world currently. 1:02:50 Raúl Carrillo: So today I also advocate for the inclusion of digital cash, as detailed in the Electronic Cash and Hardware Security and Secured Hardware Act, the Ecash Act, re-introduced by Representative Lynch. Today, Ecash devices available on a smart card or a phone card would serve as digital counterparts to cold hard American cash. These devices would not make payments over the internet. Instead, they would store Treasury issued digital dollars on card hardware to enable everyday small dollar transactions for everyday people. These transactions would be subject to the BSA/AML regime, and as a boon to law enforcement, we can set privacy-sensitive security controls and caps on transactions and usage. However, the cards would in no instance be capable of generating data that companies and agencies can abuse. We preserve a place for privacy within public infrastructure. The Ecash Act harkens back to the past to the days when President Lincoln established the banking and cash system that we still use today. And it also harkens to an exciting, inclusive, safe digital future. 1:08:05 Paige Paridon: CBDC, because it would be a direct liability of the central bank, it would be perceived as the ultimate safe asset. So from that perspective, particularly during times of economic stress, it could attract depositors to pull their money out of the banking system to flee or run to a CBDC if there was perceived concern about the banking system or the financial system overall. So every dollar that currently resides in a bank account can be deployed for useful purposes in the economy, primarily through lending. Every dollar that is pulled out from the banking system and put into a CBDC is one less dollar that could be put to good economic use. And that is why we have a fundamental concern with a retail CBDC, given the flight-to-quality risks. 1:09:35 Rep. Maxine Waters (D-CA): 130 countries, representing 98% of the global economy, are now exploring digital versions of their currencies, including the United States. Almost half of these countries are in advanced development pilot or launch stages of their CBDCs. Can you discuss how CBDCs may shape the future global financial landscape? What would it mean for the United States if we instead chose to stay on the sidelines of this race? Raúl Carrillo: Thank you very much for the question, Representative Waters. My opinion is that it is incumbent upon the United States to provide leadership with respect to an inevitable process that is going to occur across the world. It is clear that we're all moving to digital fiat currency. The question is what sort of protections are going to attend digital fiat currency? 1:12:35 Raúl Carrillo: I hear a lot of concern across the political spectrum in this committee about the power of Silicon Valley. And if you do not create an alternative to the corporate systems that collect data, or promise to protect it and then collect it en mass, which is even worse and common in the blockchain industry, then what is going to happen is that Silicon Valley is going to win. And frankly, I don't think anybody here wants that. But in order to preserve the space that we have for public money and not make it a big tech enterprise, we, in fact, have to move forward with digital fiat currency. 1:13:50 Rep. Warren Davidson (R-OH): One of the key characteristics of sound money is that it facilitates permissionless, peer-to-peer transactions like cash. Currently, of the 100+ countries developing a central bank digital currency, none of them are developing a permissionless system. Every one of them is developing a permission system, including the United States Federal Reserve. So when we talk about permissions, we can kind of get something from the Federal Reserve's own report of that. They said in their report that it should be privacy-protected, intermediated, widely transferable, and identity-verified. Mr. Michel, Professor Skinner, in your view, is it possible to be both privacy-protected and identity-verified? Dr. Norbert Michel: No, in my view, it's not. Once the information is in a system, it's in a system and somebody is going to get it and it's going to get out. And I just quickly really want to say I'm very happy to hear everybody here on the panel is pro-Fourth Amendment. The problem, of course, as you know, is that the Bank Secrecy Act, and the anti money laundering regime runs right over the Fourth Amendment. So that's what needs to be fixed. Rep. Warren Davidson (R-OH): It's already a problem in third party hands, but this wouldn't even be in third party hands. But, you know, Professor Skinner, what's your view? Christina Parajon Skinner: My view is no, that that's not possible right now, and central banks have essentially admitted as much. And to the extent such technology is or could be under development, it's extremely immature. And I think the point to emphasize here is that inherently there will be a tradeoff to the extent central banks create CBDC, between identity verification and privacy. And more than likely central banks will always choose identity verification because they will never feel comfortable sacrificing the national security goals that they see as accompanying robust identity verification. 1:24:35 Rep. John Rose (R-TN): Decisions in United States v. Miller and Maryland v. Smith gave us the third party doctrine. Under that doctrine. if you voluntarily provide information to a third party, the Fourth Amendment does not preclude the government from accessing it without a warrant. Dr. Michelle, can you explain how the third party doctrine has impacted Americans' financial privacy? Dr. Norbert Michel: Yes, they practically have none at the moment partly because of this. But I also want to clarify, because of something that was just said on the panel. The Fourth Amendment is the one that amends the Constitution to the United States, which protects American citizens from the government. So this is exactly the issue and it was brought up in the cases in the 70s, when the Bank Secrecy Act was challenged. If the Bank Secrecy Act were not there, the banks and financial institutions that we have would not be required by the government to collect the data that they are, that is a requirement in the Bank Secrecy Act. And everybody can go back and look at those cases, that was always an issue as to whether this was constitutional and in violation of possibly the Fourth Amendment. So between the combination of the Bank Secrecy Act, the Fourth Amendment issues, and the third party doctrine, Americans, although many of them don't realize it, have very little financial privacy at the moment. 1:26:05 Rep. John Rose (R-TN): How would the adoption of a CBDC further erode Americans' reasonable expectation of financial privacy? Dr. Norbert Michel: I believe it would remove the last layer that we have, quite simply, instead of having to go through the financial institution, the government would have that information either in a central database or a keystroke away. 1:31:05 Raúl Carrillo: We envision hardware devices. So those can be cards, similar in size to an existing debit or credit card, or they can be secured SIM cards, or something like it, on a phone that would enable hardware based transactions and for people to make payments as they do today with paper cash for everyday things without fear of government or corporate surveillance, which occurs in tandem when we use digital payments today. 1:32:20 Raúl Carrillo: I would clarify that the point of Ecash is that it does not operate online. It is actually open, permissionless, and private, in the sense that you don't need a blockchain or a banking intermediary. 1:35:45 Rep. Bryan Steil (R-WI): In your testimony you wrote, "any transfer of $1 deposit from a commercial bank or credit union to a CBDC is $1 unavailable for lending to businesses or consumers." Can you expand a little bit on that statement about how an adoption of an intermediated CBDC would impact credit availability and the cost of banking services? Paige Paridon: Sure. Happy to, thank you. So I think there's a misconception generally, that $1 transferred from a deposit account to a CBDC would mean that CBDC would still be able to be used for lending and investment in the economy the way that dollar deposits currently are now. And that is not the case of CBDC, even if intermediated. In other words, even if the services including onboarding and other services that commercial banks currently provide, even if those services were provided by banks with respect to a consumer's CBDC, the fact is the bank would really only hold that CBDC in the same manner it holds an asset in custody. So it would have to essentially keep that CBDC under the proverbial mattress and it would not be able to be redeployed in the form of loans. 1:41:20 Paige Paridon: If it was an intermediated CBDC, banks would essentially hold CBDC as a custodian. That's right, they wouldn't be able to lend out some portion of the CBDC as they do deposits. 1:42:10 Rep. Sean Casten (D-IL): If you had 100%, CBDCs was all the money supply, you'd have no lending, right? So doesn't any proportional increase in the amount of a CBDC in an economy shrink the economy? Paige Paridon: Well, there could be shifts to other forms of ways to fund lending. Banks could borrow in the wholesale markets, they could potentially borrow from the Federal Reserve. So I'm not necessarily sure it's a one-to-one relationship. 1:46:25 Rep. Mike Flood (R-NE): Ms. Skinner, in your testimony, you mentioned how a CBDC could lead to the Federal Reserve's independence being threatened. Can you speak more on that? Christina Parajon Skinner: Yes, certainly. Thank you for the question. So in the first instance, to the extent the Federal Reserve doesn't change the composition of its balance sheet otherwise, issuing a CBDC will increase its liabilities, which means that it has to match that increase in liabilities by purchasing more assets. So the first thing that we would think about when the Fed would purchase more assets would be buying more Treasury securities. That being said, with the potential for the Fed to issue more CBDC, thereby giving it more headroom to buy more Treasury securities, would be likely to put some pressure on the Fed at some point down the line from the Treasury to issue that CBDC to absorb more government debt, which we call monetary finance or monetizing the deficit. Before World War Two, the Fed essentially operated under the thumb of the Treasury so that during wartime and otherwise, the Fed could effectively monetize the deficit. And really today, that's anathema to an independent central bank. There were other things that the Fed could also be pressured to buy to match an increase in CBDC, like corporate bonds. Now our recent experimentation in corporate bonds has put some question around whether this too could politicize a central bank because inevitably if central banks buy corporate bonds, they are picking winners and losers in the economy. Now, the Fed has been pretty neutral in its approach, but there has been a lot of pressure on the central bank to, for example, buy green bonds in order to facilitate a transition to a low carbon economy and certainly other central banks do actively green their corporate bond portfolios. 2:23:05 Dr. Norbert Michel: I believe this is a question of centralization versus decentralization. And if you have a CBDC, you ultimately have one major point of failure. One way of doing this would be to have the Fed have a database. Well, we know the Fed's been hacked. Even if the Fed has multiple databases, it's the Fed being hacked, as opposed to having multiple private companies all across the country. If Capital One, for example, has a hack or a cybersecurity problem, everybody in the country is not immediately at risk, only their customers, and that's a problem for them. 2:25:25 Rep. William Timmons (R-SC): Based on your research, can you explain what, if any, technological advantage a CBDC has over the private sector? Dr. Norbert Michel: None. And this should be this is properly viewed as a government reaction to a private innovation. We can call it Bitcoin or you could just call it distributed ledger technology in general. That's what this is about. This is about the government seeing an innovation that possibly threatens their control over the payment system and it is a movement to come up with something that takes that back and it just so happens that what they're coming up with here is something that goes even further than where we are without the CBDC. 2:26:45 Christina Parajon Skinner: The status of the dollar is undergirded by our commitment to the rule of law, democratic institutions, having a judiciary that enforces property rights, and perhaps most importantly, maintaining the dollar as a stable store of value. So for there, it's important that the Fed maintain its fight against inflation and with the issuance of the CBDC, there will absolutely be a propensity to over-issue, to for example, monetize the deficit and if that were to happen that would undermine the status of the dollar. 2:29:45 Paige Paridon: A so-called flight to quality is something that we fear would be almost inevitable. Were a retail CBDC to be issued by the Federal Reserve, in times particularly of financial stress or instability, a CBDC would be viewed likely as the ultimate safe asset and depositors would likely be incentivized to pull the deposits out of the banking system and put them into CBDCs as a safe asset, which would reduce the availability of deposits available to lend out, and moreover, increase the cost of credit. 2:31:10 Raúl Carrillo: President Lincoln created cash after the Civil War in order to help everybody have day to day transactions throughout our economy. Today we have cutting edge technology in various other sectors in the government, including in the US military where they use stored value cards known as Eagle Cash in order to make offline payments. 2:33:15 Yuval Rooz: If the US government were to decide to issue a retail CBDC, unlike wholesaled CBDC, I think that it is going to be critical for the government to show an evidence that there is no ability for the government to see transactions of citizens. I personally would be against such an act. 2:35:05 Yuval Rooz: If we wanted to have privacy included in the smart contract of the money, it would state that any movement of money would only be visible to the sender of money and the receiver of money for example, and the issuer of money would be blinded. So all that the issuer would see is the overall balance, but would not see any underlying movements of the money, for example. March 8, 2023 House Financial Services Committee Witnesses: Jerome Powell, Chair, Board of Governors of the Federal Reserve System Clips 53:50 Rep. French Hill (R-AK): Turning to a topic that's been a subject here for nearly four years: Central Bank Digital Currencies. Article One of the Constitution, reserves coins and money issuance to the Congress and we've in turn delegated that to the US Treasury, which has since 1912 engaged the Federal Reserve as their fiscal agent. You've testified here many times before that to issue a Central Bank Digital Currency that would be have to be authorized by statute by Congress. Is that still your testimony? Jerome Powell: So that is absolutely the case as it relates to a retail CBDC. There are potential forms of a wholesale CBDC that you would need to look at, it's less clear. But we've always been talking about retail CBDC and that's something we would certainly need Congressional approval for. Rep. French Hill (R-AK): What would be a parameter on something that's not a retail CBDC where you think that could be issued in some form or fashion without Congress's direct statutory authorization? Jerome Powell: It would be, for example, something between banks, so it would look an awful lot like a bank reserve. And you might ask, Well, why would we need it? And that's a really good question, too. But just something that's literally within a wholesale market. Rep. French Hill (R-AK): But that speaks that you might have a blockchain between banks and the Fed using a Central Bank Digital Currency token to settle transactions institutionally inside the US. 1:15:40 Jerome Powell: We did go out for comment in general on a CBDC a year or so ago and I do expect that we'll go out, I can't give you a date, but we'll certainly go out and we engage with the public on an ongoing basis. We're also doing research on policy and also on technology. That's what we're up to. Rep. Stephen Lynch (D-MA): The Boston Fed has a partnership over there with the folks from MIT Media Lab, they're doing a great job, but it says here that the discussions would include technical experimentation. I was just wondering, at what level are you talking about making decisions on architecture for a retail CBDC? Jerome Powell: We're not at the stage of making any real decisions. What we're doing is experimenting, in kind of early stage experimentation. How would this work? Does it work? What's the best technology? What's the most efficient? We're really at an early stage but we're making progress on sort of technological issues. The policy issues are equally important though. You know, we haven't decided that this is something that the financial systems in the country want or need. So that's going to be very important. 1:18:15 Jerome Powell: A CBDC is going to be years in evaluation. 1:18:30 Rep. Stephen Lynch (D-MA): You know, before the greenback, everybody had their own currency. You know, you had rail rail companies, you had coal companies, you had, you know, state banks that were authorized to issue their own currency. But when the greenback came out, all of those various currencies went to zero, because the greenback had the full faith and credit of the United States behind it. I'm worried about a lot of these Stablecoins and other cryptocurrencies. Do they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it? We've got 1000s of these out there, and you've got people investing millions and millions of dollars, well trillions right now. And I'm just thinking if we had those advantages built into a CBDC? Wouldn't those alternatives go to zero, if they did not have the transparency and the full faith and credit that we enjoy? Jerome Powell: So certainly, unbacked cryptocurrencies that don't have any intrinsic value, but nonetheless, trade for a positive number, I've never understood the valuation of those. Stablecoins, many of them are really drawing on the credibility of the dollar. They're dollar denominated mainly, dollar-based reserves, although we don't know what's in the reserves because there's no regulation. 2:16:05 Jerome Powell: What we say about permissionless blockchains is that they have been vehicles for fraud -- Rep. Warren Davidson (R-OH): 0.24% if you follow your own report on fraud. It's a fraction of what it is with the US dollar. May 26, 2022 House Financial Services Committee Witness: Lael Brainard, Vice Chair of the Board of Governors of the Federal Reserve System Clips 2:08:30 Rep. John Rose (R-TN): Vice Chair Brainard, we saw how dangerous it can be when the government weaponizes the financial system for political purposes under the Obama administration's Operation Choke Point. More recently, the Canadian government instructed banks to freeze accounts linked to the trucker protests over vaccine mandates. Vice Chair Brainard, without appropriate safeguards, would a CBDC make it easier for the federal government to block individuals it disagrees with from accessing the financial system? Lael Brainard: So I really don't see CBDC as raising questions that are different from deposits and bank accounts, for instance. And the paper that was released in January, in particular, talks about an intermediary model, akin to what we see with commercial bank deposits, where the central bank doesn't have any direct interaction with consumers, doesn't see transactions by consumers, but there are intermediaries and, very importantly, including banks that would be responsible for both identity verification and for keeping that transaction data private. So in that sense, I don't see it it's as really any different than the issues that are raised with commercial bank deposits. June 16, 2021 Committee on Financial Services, Subcommittee on National Security, International Development, and Monetary Policy Witnesses: Eric B. Lorber, Senior Director, Foundation for Defense of Democracies Clips 43:33 Eric Lorber: The number of transactions which are elicit that use Bitcoin or blockchain technology is actually fairly low percentage wise it's in I believe, below 1% or somewhere around there. So it's fairly small. Music by Editing Production Assistance
Chris Giancarlo is a former CFTC chairman, author, & co-founder of the Digital Dollar Project and Kevin Mole is the Global Head of Digital Assets at Western Union. In this interview we discuss:- Digital Dollar Project's mission - Western Union and the Digital Dollar project working together - Western Union's Retail CBDC pilot and the results - Western Union's crypto and blockchain strategy - Western Union and Ripple pilot - What's next for the Digital Dollar Project - Crypto RegulationsWhite paper https://digitaldollarproject.org/wp-content/uploads/2023/08/Digital-Dollar-Project-Cross-Border-Remittance-Pilot-Paper.pdf
Dante Disparte is the Chief Strategy Officer and Head of Global Policy at Circle. In this interview we discuss:- Dante's Background and working at Facebook Stablecoin Libra Diem- Circle USDC overview- USDC Reserves and BlackRock Fund- Coinbase stake in Circle- Could USDC be used as the Fed Digital Dollar- USDC Mercado Pago LATAM adoption- Stablecoin Regulations- USDC on XRP Ledger
The most valuable crypto stories for Friday, August 11, 2023."The Hash" covers today's hottest topics in crypto, including the SEC extending its review of the Ark 21Shares bitcoin ETF application, as it continues to look at applications from traditional finance heavyweights like BlackRock and Fidelity. Post Malone speaks to podcaster Joe Rogan about a central bank digital currency (CBDC) in the U.S. And, Bank of America doesn't expect PayPal's new stablecoin to drive crypto adoption anytime soon.See also:PayPal's Stablecoin Not Likely to Be Used Widely Anytime Soon: Bank of AmericaArk 21Shares Bitcoin ETF Application Decision Pushed Out by SECPost Malone, Podcaster Joe Rogan Slam Prospects of a U.S. Digital Dollar: That's 'Game Over'This episode has been edited by senior producer Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
In crypto news today KPMG release report that Bitcoin is ESG friendly. Digital Dollar project completes retail CBDC pilot. XRP ledger CBDC, SEC Gary Gensler scumbag.
Congressman French Hill joins me for an interview to discuss Crypto regulations, crypto bills currently introduced, Ripple XRP victory over the SEC, Gary Gensler, Digital Dollar CBDC, Blockchain voting, and updating the accredited investor laws.
The most valuable crypto stories Wednesday, June 43, 2023."The Hash" explores today's top stories in crypto: the U.S. Treasury Department is studying how the use of the digital dollar could be kept private. MicroStrategy (MSTR) founder Michael Saylor said the crypto industry is destined to be bitcoin (BTC)-focused in the wake of recent enforcement actions by U.S. regulators. An arbitrage bot flash loaned $200 million worth of the dai stablecoin (DAI) from MakerDAO on Wednesday, making a $3.24 profit after transaction fees. Digital payments firm Strike is expanding its Lightning Network-based cross-border payments service to Mexico.See also:U.S. Treasury Examining How Using Digital Dollars Could Be Kept PrivateCrypto Industry Destined to Be Bitcoin Focused After SEC Actions: MicroStrategy Founder Michael SayloSomeone Flash Loaned $200M From MakerDAO to Make $3 ProfitStrike Expands Lightning-Powered Cross-Border Payments to MexicoThis episode has been edited by senior producer Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Rohan Grey is an assistant professor at Willamette University College of Law and has been involved in the world of politics and government as it relates to our public money systems. You might remember him as the guy behind the STABLE Act (Stablecoin And Bank Licensing Enforcement) which turned into an episode we did with him in December of 2020. The topic of CBDC and the politicization of our money system has returned, so we wanted to get Rohan back on to learn about what this conversation from his point of view. ------ ✨ DEBRIEF | Unpacking the episode: https://www.bankless.com/debrief-rohan-grey ------
In this special edition of AMERICA First One on One, Sebastian talks to historian Niall Ferguson about how 2023 could be the end of Act II of the saga of President Donald J. Trump if he wins a triumphant comeback victory.Support the show: https://www.sebgorka.com/See omnystudio.com/listener for privacy information.
The most valuable crypto stories for Thursday, May 4, 2023.This episode is sponsored by Ciphertrace."The Hash" tackles today's hot topics, including the U.S. Securities and Exchange Commission (SEC) being ordered by a U.S. court to respond to cryptocurrency exchange Coinbase's complaint over how it applies securities laws to digital assets. Separately, Nigeria's government approved a national blockchain policy. And North Carolina's House of Representatives unanimously passed a bill prohibiting the state's agencies and institutions from accepting payments in central bank digital currencies. Plus, the former head of product at OpenSea was convicted of money laundering and wire fraud in a federal court, according to a report from Reuters.See also:U.S. Court Orders SEC to Respond to Coinbase Allegations Within 10 DaysCoinbase Grew Quickly by Working With U.S. Regulators. Will It Expand Even More by Disregarding the SEC?SEC Is Alleging Legal Violations ‘On the Fly,' Coinbase SaysNigeria Approves National Policy to Create 'Blockchain-Powered' EconomyNigeria's SEC Mulls Allowing Tokenized Equity, Property but Not Crypto: BloombergNorth Carolina House Unanimously Votes to Ban Digital Dollar Payments to the StateEx-OpenSea Exec Convicted of Wire Fraud, Money Laundering in Insider Trading Case-Ciphertrace, a Mastercard company, helps banks, governments, regulators, exchanges and VASPs to trace the movement and risk of crypto funds, uncover illicit activity, and help comply with global regulations. Get in touch today to find out more at Ciphertrace.com.-This episode has been edited by Ryan Huntington. The senior producer is Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The Heartland Institute’s Donald Kendal, Jim Lakely, Justin Haskins, and Chris Talgo present episode 395 of the In The Tank Podcast. There have been a slew of articles recently suggesting the U.S. Dollar is quickly losing its status as world reserve currency. How likely is this and how will it effect you? The ITT crew […]
In this episode of Millionaire Mindcast, the dynamic duo is back. Matty A and Ryan Breedwell talk about the future of money. Exploring the advantages and drawbacks of the digital dollar and FedNow. So tune in, and enjoy! Enter giveaway @ Go.MillionaireMindcast.com Text us at @ 844.447.1555 Episode Sponsored By: Indochino: Get 10% off of any purchase on $399 or more with the promo code: MINDCAST BetterHelp: Click the link to get 10% off your first month or use the promo code: MINDCAST Questions? Comments? Do you have a success story you would like to share on the show? Send us an email to Questions@MillionaireMindcast.com
The Heartland Institute’s Donald Kendal, Jim Lakely, Justin Haskins, and Chris Talgo present episode 390 of the In The Tank Podcast. We are waiting on Trump’s arrest and we have some things to say about it. Also, you may have heard a bit about a potential “Central Bank Backed Digital Currency,” or a digital dollar. […]
0:00 Intro 2:00 Forcemajor 12:35 War on Crypto 28:47 Inflation 34:05 Interview with David Morgan 1:03:03 Interview with Dr. Alan Keyes 1:48:30 Govt attack on crypto For more updates, visit: http://www.brighteon.com/channel/hrreport NaturalNews videos would not be possible without you, as always we remain passionately dedicated to our mission of educating people all over the world on the subject of natural healing remedies and personal liberty (food freedom, medical freedom, the freedom of speech, etc.). Together, we're helping create a better world, with more honest food labeling, reduced chemical contamination, the avoidance of toxic heavy metals and vastly increased scientific transparency. ▶️ Every dollar you spend at the Health Ranger Store goes toward helping us achieve important science and content goals for humanity: https://www.healthrangerstore.com/ ▶️ Sign Up For Our Newsletter: https://www.naturalnews.com/Readerregistration.html ▶️ Brighteon: https://www.brighteon.com/channels/hrreport ▶️ Join Our Social Network: https://brighteon.social/@HealthRanger ▶️ Check In Stock Products at: https://PrepWithMike.com
The Patriotically Correct Radio Show with Stew Peters | #PCRadio
The Rothschild “boom and bust” cycle is designed to lead nations to war! Patrick Byrne is here to talk about the banking crisis. Central bank digital currency will be used to control and oppress American citizens.Americans were promised the tapes so McCarthy should release the tapes. Congressman Paul Gosar is here to talk about the phony J6 narrative. J6 was a complete set-up from the very beginning and Nancy Pelosi knows exactly what went on that day! We must bring back the rule of law by taking on the FBI and the CIA.There is a disturbing relationship between Covid-19 jabs and 5G technology! Mat Taylor is back with Stew to talk about how the Covid-19 injections are connected to 5G technology. It's been observed that when exposed to wireless radiation objects assemble in vaxxed blood.A Russian General used research featured on The Stew Peters show to demonstrate the Covdi-19 mRNA shot is a weapon of biowarfare! Karen Kingston is here to say there is no law in the world that protects Pfizer from criminal prosecution! Attorney Generals across the country are being lied to by phony “experts” who are protecting Pfizer by claiming they cannot be prosecuted. Ignoring this crime against humanity is not going to make it go away.Protect you and your family from poisonous fluoridated water at http://AirWaterHealing.com and use the Promo-code “STEW”! Mike Dillon is here to talk about America's poison water supply and what you can do about it. Fluoridated water is a scam and is one of many ways America's water supply is toxic.Watch this new show NOW at Stewpeters.com! Keep us FREE and ON THE AIR! SUPPORT THE SPONSORS Below!Get High Quality Prepper Food, NOW with $100 Buckets! Use Promocode STEW for Big Discounts at https://HeavensHarvest.comTaxation is THEFT! Never again voluntarily pay the Washington D.C. Swamp, legally and safely, GUARANTEED when you attend Freedom Law School! Visit: https://FreedomLawSchool.orgProtect your retirement, Visit our friends at Goldco! Call 855-706-GOLD or visit https://goldco.com/stewClean up your AIR with these high quality air filtration systems, and protect yourself from shedding: https://thetriadaer.com/Support anti-vax activism, free clinic care, and MANLY products like IGF1 visit:https://Vaccine-Police.comCheck out https://nootopia.com/StewPeters for help increasing your mental & physical strength to battle the deep-state's KRYPTONITE plot against Americans!Magnesium is VITAL for sleep and stress, Get high quality magnesium and support the show with using Promocode STEWPETERS10: https://magbreakthrough.com/stewpetersCheck out: https://kuribl.com/ STEW20 for 20% off your order or premium CBD!Prepare your family for famine and shortages by purchasing food through: https://heavensharvest.com/Eat Carbs and LOSE WEIGHT, Check out MCT: https://thehealthyfat.com/stewFrom spy balloons to saber rattling, does China hold a deadly secret that would cripple our country beyond recognition? America's biggest threat in 2023. This documentary https://darkagedefense.com/stewpeters exposes the truth!!Go Ad-Free, Get Exclusive Content, Become a Premium user: https://www.stewpeters.com/subscribe/Follow Stew on Gab: https://gab.com/RealStewPetersSee all of Stew's content at https://StewPeters.comCheck out Stew's store: https://stewmerch.com
3rd Week of January, 2023 ------ Crypto Tax Calculator | Free Crypto Tax Calculator https://bankless.cc/cryptotaxcalculator ------ JOIN BANKLESS PREMIUM: https://newsletter.banklesshq.com/subscribe ------ BANKLESS SPONSOR TOOLS: KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap ️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS https://bankless.cc/earnifi ----- Resources: 0:00 Intro 4:20 MARKETS 6:20 Total Crypto Market Cap 7:50 Fed Cutting? https://twitter.com/DeItaone/status/1615404601489883136 9:05 Debt ATH https://twitter.com/WatcherGuru/status/1616086891098415104 9:40 ETH Ultra Sound https://ultrasound.money/ 11:00 Ethereum Quarterly Report https://newsletter.banklesshq.com/p/state-of-ethereum-report-q4-2022 16:50 FTX Solana Position https://twitter.com/b1ockgreg/status/1615506527741263872 18:05 FTT Pumping? https://www.coingecko.com/en/coins/ftx-token 21:30 SEC vs Gemini https://www.cnbc.com/2023/01/12/sec-charges-genesis-and-gemini-with-selling-unregistered-securities.html 22:54 Winklevoss Defense https://twitter.com/tyler/status/1613674686646484992 24:35 Who Benefits https://twitter.com/dogetoshi/status/1613660660981796869 25:10 After the Fact https://twitter.com/cryptowendyo/status/1613666846041067523 26:05 Saving Investors https://twitter.com/LewellenMichael/status/1613741457248030720 26:30 Is Genesis Bankrupt? https://twitter.com/fintechfrank/status/1615781926161235976 28:45 Is it Priced In? https://twitter.com/business/status/1615885016164081664 29:40 CoinDesk for Sale https://www.cnbc.com/2023/01/18/coindesk-engages-lazard-to-explore-sale-as-dcg-crisis-grows.html 32:55 International Crypto Enforcement https://twitter.com/AP_Abacus/status/1615749853950115844 36:00 Bitzlato https://www.theblock.co/post/203516/wtf-is-bitzlato-crypto-twitter-rolls-eyes-at-dojs-big-arrest 41:30 3AC New Exchange? https://www.theblock.co/post/202589/3ac-zhu-davies-new-crypto-exchange 42:00 Trading Claims https://twitter.com/JJcycles/status/1615005217551966208 45:45 Ethereum Validators https://decrypt.co/119370/ethereum-validators-hit-500000-ahead-scheduled-shanghai-upgrade 46:10 Dev Report https://www.developerreport.com/developer-report 48:10 Norway Arbitrum https://twitter.com/arbitrum/status/1613801636350119937 49:12 MetaMask Staking https://twitter.com/MetaMask/status/1613953273957945352 49:45 2017 Cryptopunk Sale https://twitter.com/mullet_eth/status/1615099917806051349 52:30 SBF Congress https://www.coindesk.com/policy/2023/01/17/congress-ftx-problem-1-in-3-members-got-cash-from-crypto-exchanges-bosses/14554945567 53:50 Digital Dollar https://www.coindesk.com/policy/2023/01/18/digital-dollar-project-warns-on-uss-cautious-approach-to-cbdcs/ 55:35 FTX is Solvent https://twitter.com/SBF_FTX/status/1615507065337958401 56:17 MiCA Delay https://blockworks.co/news/mica-delay-until-april-gives-eu-crypto-firms-ample-breathing-room 57:15 Releases 1inch: https://blog.1inch.io/introducing-the-1inch-hardware-wallet-47e2a2a8d5a0 Den: https://twitter.com/OnChainDen/status/1615363420429381635 MeanFi: https://twitter.com/aztecnetwork/status/1615348404842008583 59:10 Raises Diva: https://www.theblock.co/post/202690/diva-closes-3-5-million-seed-round-for-distributed-liquid-staking-protocol Obol: https://twitter.com/ObolNetwork/status/1615385163218948096 Flashbots: https://twitter.com/theblock__/status/1616020690326388738 Sleepagotchi: https://twitter.com/dberenzon/status/1615453029360365569 1:02:15 ETH Denver Meetup https://imgur.com/TbapHDs 1:03:00 Questions from the Nation https://youtu.be/Os10Ln8sMOc?t=6166 1:09:00 TAKES of the Week 1:09:30 Crooked Cop https://twitter.com/twobitidiot/status/1613673970896703488 1:11:10 Wild West https://twitter.com/ErikVoorhees/status/1613548809635741696 1:12:20 Owning vs Trading https://twitter.com/zhusu/status/1613389245007233026 1:13:50 BTC Supply Cap https://twitter.com/TrustlessState/status/1613924471391551488 1:15:50 What David's Bullish On 1:18:35 What Ryan's Bullish On 1:23:45 MEME of the Week https://twitter.com/cyounessi1/status/1614822327484833801 ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
The digital currency craze started with at least one anonymous Bitcoin founder and a community of futuristic, tech-savvy investors willing to take a bet on a new form of money. But over the past decade, the world of digital currency has coined a host of new types of online cash. In fact, Central Banks in more than 80 countries have, or are in the process of gearing their monetary systems in that direction. They consider them a means of modernizing and serving as a check against the growth of crypto. In China, an estimated 140 million people have already begun using the new digital yuan, which accounts for nearly $10 billion worth of transactions. In that context, does the world's reserve currency -- the U.S. dollar -- need its own version? Those who are argue “yes” say it is a fundamental step to remain competitive; to ensure the dollar remains in its preferred global standing. A digital dollar, they argue, would also create a new ease of exchange, reduce delays in processing times, and help the underbanked Americans into the digital economy. Those who argue “no” point to the risks of failure, hackings, and privacy breaches, which includes widespread government tracking of transactions, and could allow for unprecedented federal access to personal banks accounts. Against this backdrop, we ask: Does America Need a Digital Dollar? Arguing "Yes" is Gillian Tett, Editor-at-large, Financial Times Arguing "No" is Dante Disparte, Head of Global Policy at Circle Emmy award-winning journalist John Donvan moderates Learn more about your ad choices. Visit megaphone.fm/adchoices
The world leaders want to control the population through a central digital currency. Complicated coffee makers. Investing and putting your money where your morals are. See omnystudio.com/listener for privacy information.
Former President Donald Trump has officially announced his candidacy for the 2024 presidential race. Glenn goes through the four presidents who have run again after leaving office, of whom only one was successful, and the lessons to take away from each one. Rep. Andy Biggs joins to explain why he's running for House leadership and why a leadership change is crucial for the future of the GOP. Glenn's warning of a digital dollar has now come true. Why did NBC suspend the reporter who reported on Paul Pelosi if the facts were correct? Glenn outlines what's happening with Sam Bankman-Fried and exposes the millions of dollars he donated to the Democratic Party. Glenn previews his newest special as he and Stu discuss the FBI's overreach. Learn more about your ad choices. Visit megaphone.fm/adchoices
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