US Senator Pat Toomey supports digital dollar, nomination of Powell

Pennsylvania Senator Pat Toomey, one of the lawmakers who supported amending the language around crypto in the recently passed infrastructure law, said the United States should lead the world in the adoption of a central bank digital currency, or CBDC.

In a Tuesday interview with Bloomberg’s David Westin, Toomey said the U.S. dollar should have “the most sophisticated capabilities of any currency in the world” as the country could benefit from a digital dollar. However, the senator said the rollout of any U.S. central bank digital currency should not rely on the Federal Reserve as a traditional bank for retail accounts, citing issues with privacy.