Brian Brooks, Coinbase’s legal chief, thinks that the US government should recalibrate and allow the private sector to create the U.S digital dollar.

Technology should be built by the Private Sector
Nov. 4, in a fortune piece, the U.S Government was asked by Brooks whether it should create the digital dollar or perhaps the private sector can do it so more effectively. According to Brooks, the answer to that question is also the best path forward, saying:

“The best path forward is one that harnesses our country’s remarkable capacity for innovation and also reflects government’s historical practice of setting broad guide rails for private innovation within the financial system. That means letting innovators invent, and letting government regulate. In short: the private sector should build the technology, and the public sector should set monetary policy.”

Brooks agrees that the leadership role in terms of world’s technology innovation initiatives is being held by U.S. but primarily because of the country’s private sector provisions and not by the government. He’s concerned that the government will stifle the cryptocurrency universe and development of its blockchain technologies. Brooks said:

“The U.S. can take the lead without exerting unnecessary control over technology decisions that are providing increased access to our financial system. This can all be done while still empowering central banking authorities and building trust between individuals and institutions.”

Cryptocurrency firms should be allowed for innovation
A fintech-focused corporate strategy firm, DeerCreek’s managing partner Mike Wasyl, recently echoed similar sentiments about the U.S being stuck trying to regulate its way to innovation. For him the US needs to wake up to China’s proactive pursuit of a central bank digital currency:

“China is making these very large macro plays. They want to maintain control and be seen as leaders and so adopting blockchain and being public about it, as we saw recently, is going to stir a lot of interest.”

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