A chorus of disapproval rang out from the halls of the US Congress on September 14, when a House of Representatives subcommittee held hearings on the digital dollar dilemma. Five expert witnesses were required to speak at the hearings, and most of them opposed the creation of a digital currency by the US Central Bank (CBDC). or digital dollars.Party divisions were fully visible as the hearings began, with subcommittee chair French Hill stating, There is no support for the CBDC except from those on the periphery in Congress. Tom Emmer called Cbdcs a tool owned by communists. Subcommittee member Stephen Lynch warned against false stories and increasing fear, most of which come from the cryptocurrency industry itself, and announced the formation of a Congressional Group on the Digital Dollar.The five witnesses who will speak at the hearings conducted by the Financial Services Subcommittee on Digital Assets, Financial Technologies and Inclusion were Digital Asset CEO Yuval Rouz, Banking Policy Institute Senior Vice President Paige Paridon, University of Pennsylvania's Christina Parajon Skinner, Cato Institute's Norbert Michel and Columbia University lecturer Raul Carrillo. The hearing was clearly devoted to alternatives to CBDC in the private sector, but only Rooz was directly related to the company. Digital Asset is the creator of the Daml smart contract language and the Canton Blockchain, which is supported by companies such as Microsoft, Goldman Sachs and Deloitte. In his prepared testimony, Rouz took the position against CBDC, but insisted that any digital dollars must respect the privacy rights guaranteed by the Fourth Amendment and use existing private sector technologies.# Today at 14:00 - RM @RepStephenLynch chairs the Democrats as the Subcommittee on Digital Assets, Financial Technologies and Inclusion holds hearings titled The Dilemma of the Digital Dollar: The Consequences of the Central Bank's Digital Currency and Alternatives to the Private Sector. : ... Paridon mentioned statements made by supporters of the digital dollar with counterarguments. He drew attention to the problems that may arise in the banking system. Based on a list of potential risks, he concluded: The CBDC could weaken the commercial banking system in the United States and severely limit the availability of credit to the economy. Skinner has largely placed the CBDC in historical context, starting with the clear intentions of the founding fathers. He concluded: The Cato Institute has a well-established track record as a competitor against the CBDC. Michelle spoke on technical and political issues and did not see anything good in the American CBDC.The House committee will reopen the debate on the digital dollar in September. 14. Carrillo explained his support for digital dollar technology in general and his disagreement with CBDC in particular. Carrillo's main objection was the concentration of responsibility at the Federal Reserve, because the Ministry of Finance also played many roles in the creation of the money supply and the implementation of financial technologies.In his analysis, Carrillo said: There is a very wrong assumptionThat we are not yet living under financial supervision. He continued: Blockchain technology is not a decisive factor in ensuring privacy, Carrillo continued: Carrillo approved the Electronic Currency and Secure Equipment Law. It was reintroduced by Lynch on September 14 and was not investigated by the subcommittee. Carrillo concluded that the rhetoric about the DFC [digital fiat currency] in the United States is relatively weak and unimaginative. Policymakers should support a series of pilot programs for the digital dollar and develop a constant rhythm of innovation with the aim of creating a sound financial system for everyone.The well-known mantra of the Fed, which prohibits CBDC without the permission of Congress, is well known. H, one of the bills discussed at the hearings. R. 3402, would explicitly require the authorization of Congress prior to the enactment of the CBDC. Also on standby is H. R. 3712 would largely prohibit CBDC research. At the opening of the hearing, Emmer described the Boston Fed's investigation as sketchy. The CBDC's anti-surveillance state law, which was recently newly passed by Emmer, was also included in the hearing agenda. The presidential decree on digital assets dated March 2022 ordered the CBDC to conduct research. The Digital Dollar project, a think tank co-founded by Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission, has also made significant contributions to CBDC's research.Journal: China's digital yuan is an economic cyber weapon and the US has been disarmed This article was updated at 21:40 UTC to clarify Mr Rouze's position.