The American Bankers Association, as well as a number of crypto policy organizations, recently wrote to the Commerce Department regarding the outlook for US competitiveness in digital assets.
The American Bankers Association, a major trade association representing banks across the US, is cautioning against a central bank digital currency.
"The purported benefits of a U.S. Central Bank Digital Currency are uncertain and unlikely to be realized, while the costs are real and acute," the ABAThe Commerce Department had put out a request for public commentary in May in response tocalling on federal agencies to report on digital assets. The Commerce Department's comment window closed on July 5.
"The issuance of a CBDC would fundamentally rewire our banking and financial system by changing the relationship between citizens and the Federal Reserve," the association continued."There are also significant trade-offs that must be made between different design choices. These trade-offs are likely to undermine many of the key goals of a CBDC and make it essentially impossible for a CBDC to fulfill all the various purposes for which it is currently being discussed.
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