Trump’s Fed Nominee Judy Shelton Says US Should Be Proactive on Digital Dollar – CoinDesk

CoinDesk

Judy Shelton, President Trump’s nominee to the Federal Reserve Board, told lawmakers that digitizing the U.S. dollar could help maintain the currency’s ascendancy in global commerce. 

At her Senate confirmation hearing Thursday, Shelton said the U.S. needs fintech innovation to keep ahead of other countries. 

“Yes, it is a dominant reserve currency but we can’t rest on our laurels in that regard,” Shelton said. “Rival nations are working very diligently to have an alternative to the dollar. I think it is very important that we get ahead of the curve to ensure that the dollar continues to offer the best currency in the world.” 

When asked by Tom Cotton (R-Arkansas) how she will address the need for a digital dollar, Shelton said “it is an extremely important discussion and we are compelled to think about that.”  

Binance Banner  

Her comments come at a time when digital currency initiatives by China’s central bank and the Facebook-spawned Libra Association have spurred the U.S. and other Western nations to seriously consider launching their own electronic monies.

Two weeks ago, former officials from the Commodity Futures Trading Commission (CFTC) set up a nonprofit to design proposals for a digital dollar. And earlier this week, Fed Chairman Powell told lawmakers that Libra was “a wake-up call” for the central bank, while emphasizing that its research was in the early stages.

Shelton has been a longtime advocate for the gold standard, which strictly pegs a currency’s value to gold, and has opposed the Fed’s easy-money policies. 

“Gold standard rules permit nations to participate voluntarily by operating in accordance with the discipline of gold convertibility of their own currencies,” Shelton wrote in an article published by the libertarian Cato Institute in 2018.

Coinbase Banner  

“A modern version of this approach—one that permits the issuance of virtual currencies in tandem with government-issued currencies, adapting legal tender laws to permit healthy currency competition—should be put forward,” she added. 

More recently, however, Shelton has come under criticism for supporting the president’s position that interest rates, already historically low, should be cut further.

Trump nominated Shelton for the Fed board in July along with Chris Waller, director of research at the Federal Reserve Bank of St. Louis.

UPDATE (Feb. 14, 03:15 UTC): Additional background on Shelton’s monetary stances was added after publication.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

FreeBitcoin Banner  

Go to Source
Author: David Pan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.