LISTEN TO THE EPISODE
Michael & Jonathan are joined by U.S. Congressman Warren Davidson. Recently appointed to President Donald Trump’s bi-partisan “Opening America Up Again” Congressional Group, Congressman Davidson also serves on the House Financial Services Committee, where he has led policy discussions about fintech, blockchain, cryptocurrency, and legislative policy.
Having previously co-sponsored the Token Taxonomy Act, Congressman Davidson has been an advocate for technology innovation and digital transformation in both capital markets and regulatory efforts.
With the continued push towards the adoption of a purely digital form of native U.S. Treasury currency, the U.S. Digital Dollar is a cataclysmic black swan event for U.S. monetary policy and traditional banking.
Smart institutions will adapt quickly, but many will be unable to find new value add propositions and continue to exist. With a potential shift to the IMF for issuance of their own reserve currency, the present hypothesis for a continued demand for the traditional U.S. dollar is at risk of being instantaneously slashed by the global central banking system.
Any U.S. Digital Dollar with a continued ability to manipulate the currency itself is contrasted by a digital currency model like Bitcoin, where the maximum number of units of account is mathematically fixed and unalterable.
As the United States rapidly moves into the global digital currency system, the likelihood of a default on debt obligations is inevitable. This episode should be a sobering alarm bell for any capital markets and finserv stakeholder. This is literally the “big one”.