Coinbase’s legal chief has recommended that the private sector handle the creation of a fully digital U.S. dollar.
In an essay published on Fortune Nov. 4, Brian Books called upon the private sector to develop America’s digital currency and ensure a “strong United States financial system.” According to Brooks, private corporations are better positioned to design a digital dollar compared to government bureaucracies. In addition, Brooks believes the U.S. government should take a back seat on the digital dollar as opposed to policing the currency’s blockchain.
The best path forward is one that harnesses our country’s remarkable capacity for innovation and also reflects government’s historical practice of setting broad guide rails for private innovation within the financial system.
But there is no more need for the government to control the blockchain policy of stablecoin issuers than there is for the government to dictate the technology used by privately-owned commercial and investment banks.
While Brooks is still advocating for government control of monetary policy, he says that the private sector should be in control of the technological infrastructure, and concluded that in short the "private sector should build the technology, and the public sector should set moneraty policy."
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