GOP Sen. Lummis: ‘We’re Going to Have a Digital Dollar’
‘We’re already seeing some of the big traditional banks create baskets, back office functions and digital protocols to accommodate assets that are offered on the blockchain’
EXCERPT:
SORKIN: “What is the banking industry telling you about all this?”
LUMMIS: “Yeah, they don't like it. This is some competition for them. They view it as competition that will hurt their ability to sustain the deposits they need to make loans. I disagree with that. They want changes that actually would go back to the Genius Act we passed last summer and make changes to it. I think that they should embrace digital assets. It's going to be part of the financial products they can offer in the future. We're going to have a digital dollar, a digital bitcoin, digital alternative coins. It's going to be a new financial landscape and I'd like to see the traditional banking industry embrace it instead of fight it.”
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