As the United States House Financial Services Committee looks to further impede the introduction of a digital dollar, where does this resistance to a CBDC stem from? 2854 Total views 31 Total shares Listen to article 0:00 Follow up Join us on social networksOn Wednesday, Sept. 20, the United States House Financial Services Committee marked up two bills to curb the issuance of a central bank digital currency (CBDC). One of the bills would stop the Federal Reserve from running any test programs on CBDCs without congressional approval, while the other would stop federal banks from using CBDCs for some services and products.
The principal political adversaries to a digital dollar are heavyweights such as Robert F. Kennedy Jr. and Florida governor Ron DeSantis, who have thrown their hats into the ring to become president a year from November.
In July, DeSantis said that CBDCs would never happen under his administration, citing concerns over consumers losing power over their own money. Kennedy, on the other hand, a known proponent of Bitcoin, is rallying against the digital dollar as it will vastly magnify the governments power to suffocate dissent by cutting off access to funds with a keystroke.
No CBDC in Florida https://t.co/p9pwSTmrlN— Ron DeSantis (@GovRonDeSantis) March 20, 2023
In May, Cointelegraph reported that according to its own research, more than 130 countries were at some stage of research into a CBDC, and only eight had rejected the idea outright. These countries are diverse, from France and Switzerland to Haiti and Bhutan. So, the question must be asked: Why would a country like the United States be so opposed to having its own digital currency?
The idea of a CBDC in itself is nothing too taxing. In essence, digital dollars would be based on blockchain technology rather than having traditional dollars moving around between accounts. That would dramatically decrease transfer times, cut fees, and do away with the middlemen the intermediaries along the way who slow things down and take a cut for themselves.
The Federal Deposit Insurance Corporation found that in 2021, there were still 5.9 million unbanked households in the United States, a massive number by any standard.
A CBDC would mean that the Federal Reserve would effectively oversee all the bank transfers in the country, as there would be no alternative. And having everything under one roof means one mistake or failure would affect everyone rather than be limited to one bank, for instance.
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But perhaps the biggest argument against a CBDC is that, for cryptocurrency purists, having a central institution overseeing a currency is the very thing crypto was designed to avoid. Why now make a U-turn?
Political motivations play a significant role in the discussion in the United States. In March 2022, President Joseph Biden said his administration would place the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC.
This provided fodder for the Republican party to come out against the plan, citing invasion of privacy and claiming it was another form of government control. DeSantis even came out with an Orwellian prediction of the government stopping its citizens from buying fossil fuels or guns if such legislation were in place.
This is not to say that the U.S. hasnt looked into a CBDC, as it has extensively.
In 2020, the Federal Reserve launched Project Hamilton to study the viability of a CBDC. By 2022, it had developed a system that took elements from the workings of Bitcoin but moved away from its rigid blockchain backbone. The result was a system that can process 1.7 million transactions per second, light years ahead of the Bitcoin blockchain and quicker even than Visa, which can deal with about 65,000 transactions per second.
David Millar, data center coordinator at Santander, told Cointelegraph: The leaps forward they made during Project Hamilton were truly staggering. When we heard of the progress they were making, we believed that our entire infrastructure would need to be completely revamped within the next five years.
Nevertheless, the project completed its initial phase in December 2022 and went no further. Once again, voices of dissent from Congress attacked the project, saying it had been carried out solely with academics and the public sector in mind and the average citizen would not benefit.Millar added: The time and effort that went into Hamilton and the results they produced; its a tragedy that most of it will never see the light of day.
The issue of privacy is one of the most prominent foes of the digital dollar. The main argument of the dissenters is that if there is to be a digital dollar, it should effectively be like the cash dollar is now, with its benefits of anonymity coupled with the power and speed of a cryptocurrency. Those who favor a digital dollar argue that we already have such a thing, but its just not called that yet. Credit card money is digital for all intents and purposes, and are any of us mailing cash to Amazon to pay for things?
The world is moving toward a cashless society, and the U.S. is no exception. In 2022, only 18% of all U.S. payments were made in cash, down from 31% in 2016.
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The U.S. is also a country of strange contradictions. While it surges ahead in many areas, such as technology, its banking system remains rooted in the traditional, with check payments still being the norm. Dragging a whole nation away from that is a tall order.
So, what does the future hold for a potential U.S. CBDC? Well, very little. Project Hamilton closed with no indication of a second phase, and according to Darrell Duffie, a professor of finance at Stanfords Graduate School of Business, while work is continuing, it has slowed to a snails pace, and nobody is charging ahead openly.
It seems for the foreseeable future, this will be one part of the cryptosphere where the U.S. is not a pioneer.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.# Federal Reserve # Law # Government # SEC # Adoption # United States # Tokens # CBDC # Regulation
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BOSTON — The 4 Nations Face-Off has emerged as a transformative moment for the NHL.
“Nothing’s done more for hockey in a decade than what this tournament’s done,” Team Canada coach Jon Cooper said.
What was supposed to be a midseason appetizer for the 2026 Winter Olympics has evolved into a transcendent event for hockey, which has lacked a best-on-best event since the 2016 World Cup of Hockey. That was never more apparent than the first U.S. vs Canada showdown in Montreal, which produced three fights in the first nine seconds of the game followed by an elite representation of the sport as played by two bitter rivals.
The audience was massive — with 9.3 million viewers, it was the most-watched non-Olympic hockey game ever in the United States. The hype was something the NHL hadn’t seen in recent memory. People who don’t usually talk about hockey were suddenly talking about hockey.
It’s just incredible how much of a home run 4 Nations has been for the NHL and hockey in general.
Friends who never watched a hockey game in their lives reaching out asking what the plan is for tonight’s game, what food we’re ordering, etc.
“The game is in a better place because that game existed,” Cooper said.
Now that the 4 Nations Face-Off was a game-changer, how will the NHL capitalize on it — and what comes next for its midseason events?
THE NHL HAS ANNOUNCED what is on the way in 2026. The All-Star Weekend, which took a hiatus in favor of 4 Nations this year, will return at the New York Islanders‘ UBS Arena next February. That will serve as a bon voyage event ahead of the 2026 Winter Olympics in Italy, which mark the return of NHL players for the first time since 2014.
The 2026 Olympics begin what the NHL and the NHL Players’ Association hope will be a regular cadence of international best-on-best events. NHL commissioner Gary Bettman and NHLPA executive director Marty Walsh announced last week the next World Cup of Hockey is scheduled for 2028. Then come the 2030 Winter Olympics, and then potentially another World Cup and so on.
“We couldn’t be more excited about making a reality: Olympics, World Cups, Olympics, World Cups on a regular schedule of the best hockey players in the world representing their countries,” Bettman said. “We know the full-blown World Cup is going to be sensational.”
Sources told ESPN that the future of the NHL All-Star Game beyond next season has yet to be determined.
The NHL All-Star Game isn’t going anywhere — sources said its status as a tentpole event and its history within the league make it an important part of the league’s slate of events. But All-Star Weekend’s cadence and format beyond next season hasn’t been determined. Logically, it could be held in years when there isn’t a best-on-best event. Perhaps the league continues to double up with the All-Star Game and the Olympics, like it is doing in 2026.
ALL-STAR GAMES are in a transient place in the sports world right now — that’s not just a function of the success of the 4 Nations Face-Off.
While the NHL’s midseason tournament was being widely praised, the NBA All-Star Weekend received criticism from fans and players. Draymond Green called the game’s format “absurd” and said it existed “because ratings are down and the game is bad.”
The effort of the NHL’s players in its best-on-best tournament was in stark contrast with basketball’s midseason classic.
“You can go on an NBA court and go through the motions. You can’t do that in hockey,” P.K. Subban said on “Get Up.” “The culture of our sport, you have to play it with passion. That’s what fans are investing in.”
While that’s true, the NHL All-Star Game isn’t exactly USA vs. Canada for the 4 Nations title, either.
“Different event, obviously. I don’t remember any fights in the All-Star Games,” Winnipeg Jets defenseman Josh Morrissey said. “There’s definitely a place to have both. From what I’ve heard, that’s the plan in the future. And I think both can be exciting.”
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USA, Canada fight 3 times in the first 9 seconds of game
Three players each from USA and Canada are penalized for three fights in the first nine seconds of the game.
THE ALL-STAR GAME brings some virtues that these international tournaments do not. The World Cup of Hockey will be awarded through a host city bidding process. The All-Star Game brings the world’s best players to markets that may never host a World Cup game. It doesn’t just spread the wealth among NHL cities — it does the same among players.
“The one thing about this tournament is ‘Where’s Leon Draisaitl?’ Or Nikita Kucherov?’ Go down the list of guys that aren’t here that you do get to see in an All-Star Game because those guys are special talents,” Cooper said. “Maybe there’s something down the road where everybody gets to play, and that would be super cool.”
The players at the 4 Nations Face-Off uniformly agreed that there’s room for both best-on-best battles and All-Star games in the NHL.
“Obviously this brings out real emotions when you get to play these meaningful games,” Sweden’s Jesper Bratt said. “The All-Star Game has its cool things to it, too, and I think fans appreciate that part of it: to see the best individual players from each division and each team to participate in a skill competition.”
Team USA’s Jack Hughes, Bratt’s teammate on the New Jersey Devils, said he’s made some great memories at the All-Star Game.
“That’s always fun for me personally, just because it’s not as extreme as this. Obviously, you get to spend more time with your family and your friends and get to enjoy that with them. I think that’s a great event,” he said. “But as a hockey player for sure, [4 Nations] is the elite of the elite. Getting to play against the best players and represent your country. It means something to everyone on the ice.”
Vincent Trocheck said the experience is different for every player at the All-Star Game.
“I’ve only played in two, and they’ve been extremely special to me. Every time I’ve been able to go, sharing that with my family is really cool. So those are … awesome weekends, but something like this is just different,” said the New York Rangers center, who played for Team USA. “It’s more meaningful. It’s more emotional. Stuff like this is what you dream of as a kid. So coming to a tournament like this is something that you’ll never forget. You can’t match it.”
THE NHL PLAYERS deserve credit, having pushed for more best-on-best opportunities since the 2016 World Cup of Hockey.
“Whether it’s Team Canada, the U.S., Sweden, Finland, the other nations in the future, if there’s more playing in these events when you put on your country’s uniform, it just means something special,” Morrissey said. “It’s a different feeling, and you can’t replicate that in any other way.”
After the success of 4 Nations, everything is on the table. Could the All-Star Game become something that hues a little closer to nation vs. nation? Could those years between the Olympics and World Cup produce more international events, be it a 4 Nations Face-Off or a “summit series” between the U.S. and Canada?
The 4 Nations Face-Off has broadened the possibilities.
“Look to soccer. They have so much international play that gets so much attention. We’re not soccer, as far as a global game, but we’re not that far behind,” Ron Hainsey of the NHLPA said. “That’s the long-term goal here … where fans look forward to these players representing their countries on a regular basis.”
Shutting down the regular season for international events isn’t without its risks or its critics. The 4 Nations Face-Off saw a handful of injuries, most notably to Boston Bruins defenseman Charlie McAvoy, who was hospitalized Monday with an infection in his right shoulder and a significant injury to his AC joint.
“I don’t know how the NHL teams feel about it, because guys are going so hard out there and we still have a quarter of the season left,” New Jersey Devils center Jack Hughes said. “But I think the guys inside the locker room have extreme care for this and are really, really enjoying this.”
Canada star Connor McDavid agreed less is more for international tournaments.
“I’m not sure you could do this every single year. It’s been pretty taxing. Obviously, we see guys going down and getting hurt.” McDavid said. “But it goes to show how much guys care about playing for the country, how much pride they play with while they’re wearing the jersey.
“I think with the Olympics and the World Cup, I think we’ll get enough.”
The World Cup of Hockey returns in 2028, although its final form has yet to be determined. There will be eight teams representing eight nations, without the “melded” teams from 2016 like Team North America and Team Europe. The NHL will not partner with the International Ice Hockey Federation for the World Cup, instead negotiating with other professional leagues themselves in order to populate teams like Germany and Switzerland with players.
There will be a bidding process for host cities, and that process will be open to European locations.
“The Olympics provides a good model for us in terms of how long the break will be for games in Europe,” NHL deputy commissioner Bill Daly said.
Of course, the biggest issue around the 2026 Olympics and 2028 World Cup is whether Russia will be included, as it remains banned from international play through 2026 by the IIHF because of its invasion of Ukraine.
“I’d love to see our Russian players playing in these tournaments. Again, they’re incredible hockey players,” Walsh said. “The issues are political and it is not political as far as the NHLPA, it’s the world politics that we have to get through and I’m hoping that as we get closer to the Olympics, as we get closer to the World Cup, we will start seeing the Russian athletes back in the competition.”
THE 4 NATIONS FACE-OFF showed best-on-best hockey can cross over to the mainstream. But the conditions might not be there to capture lightning in a bottle a second time.
The geopolitical undercurrents to the USA vs. Canada rivalry heightened its passions. The tournament featured the first opportunity for a generation of stars — McDavid, Nathan MacKinnon, the Tkachuk brothers and Auston Matthews, among others — to represent their countries in a best-on-best event.
And what, exactly, do they do for an encore? Four fights in eight seconds next time?
“The expectations were high. I think the tournament’s done a good job of setting that bar and going beyond it,” Team USA’s Brock Nelson said.
The 4 Nations Face-Off was meant to be the appetizer for the Olympics. Based on its success, the NHL needs to capitalize on the moment.
A three-year-old girl has died after a collision between a tram and a van in Manchester city centre.
The girl was taken to hospital but died from her injuries, Greater Manchester Police (GMP) said.
“No arrests have been made and inquiries are ongoing,” the force said.
The child was a pedestrian and was not travelling in either the tram or van, GMP said.
The fatal collision happened on Mosley Street shortly before 10am, a Transport for Greater Manchester (TfGM) spokesperson said.
“All of our thoughts are with her family and loved ones at this incredibly difficult time. We are supporting police with their investigation,” a statement said.
A North West Ambulance Service spokesperson said two ambulances, a rapid response vehicle and two air ambulance crews attended the scene.
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TfGM said there was continued disruption across the Metrolink after the incident and advised people to check the Bee Network website and app for the latest travel information.
Manchester‘s Bee Network said: “Due to a road traffic collision on Mosley Street in the city centre, no tram services are operating between St Peter’s Square and Piccadilly Gardens.”
An X post from GMP’s traffic officers said: “Our officers are currently in attendance at a collision, involving a tram and another vehicle in Manchester city centre.
“We are presently trying to establish the circumstances however we envisage there will be a lengthy closure of surrounding streets near to St Peters Square.”