cryptonews: President Joe Biden has named a strong proponent of a digital dollar and effective crypto regulation as his top economic adviser. 👇
The White House announced on Feb. 14 that Federal Reserve vice chair Lael Brainard will be director of the National Economic Council, making her responsible for advising the president on U.S. and global economic policy and coordinating economic policy making across federal agencies.
Brainard "brings an extraordinary depth of domestic and international economic expertise," President Biden said. "She is a trusted veteran across our economic institutions, and understands how the economy affects everyday people."She has also called for "strong regulatory guardrails" for crypto finance as soon as possible. She said:
"It is important that the foundations for sound regulation of the crypto financial system be established now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system." Those regulations should reflect "the principle of same risk, same disclosure, same regulatory outcome" for crypto and traditional finance.As vice chair of the Fed, Brainard has been a consistently stalwart advocate of a U.S. central bank digital currency, or CBDC.
Citing the U.S. dollar's "dominant" position in international payments as the world's de facto reserve currency, Brainard said back in August 2021 "if you have the other major jurisdictions in the world with a digital currency, a CBDC offering, and the U.S. doesn't have one, I just, I
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