As Congress weighed US rules for digital wallets on Thursday, lawmakers were particularly keen on the roles of data privacy and consumer protections.
The hearing focused heavily on Representative Stephen Lynch’s (D-MA) new ECASH bill. Introduced at the end of March, the bill calls on the Treasury to put out digital hardware that offers a user experience that’s as much like cash as possible. In practice, this would mean full privacy, and woudl bar a ledger of any kind.
Lynch presides over the Task Force on Financial Technology, a sub-group of the House Financial Services Committee that hosted the hearing. He considers it a good sign for the bill’s fate that the chair of the full committee, Representative Maxine Waters (D-CA), scheduled such a hearing so soon after its introduction.
“It’s getting some interest from unexpected quarters,” Lynch said of the bill in an interview with The Block. “There’s something about the total surveillance aspect of everything else
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