Digital dollar advocate, Paxos CEO to attend Senate hearing on money digitization next week

U.S. Senators appear set to talk about digital versions of the dollar next week during a virtual hearing on June 30.

The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on "The Digitization of Money and Payments" on Tuesday, June 30, at 10 a.m. EDT.

The list of witnesses includes J Christopher Giancarlo, the former chairman of the Commodity Futures Exchange Commission, who has advocated for the creation of a token-based digital dollar. Appearing alongside Giancarlo are Professor Nakita Cuttino of Duke University's School of Law and Charles Cascarilla, The CEO and co-founder of Paxos. Paxos launched a stablecoin, known as PAX, in 2018 that is collateralized with the U.S. dollar.

The hearing notice doesn't offer any specifics on discussion points. Still, the presence of Giancarlo and Cascarilla will likely result in a discussion around the applications of blockchain to the digitization of payments. Cuttino's research focus centers around financial technologies, according to her Duke University online profile.

The hearing will be broadcast live to the public.