Brito and Warren share their perspectives on the digital yuan.
The George Mason University Antonin Scalia Law School National Security Institute hosted a webinar on Wednesday, March 30, titled “Crypto and National Security: How to Validate American Innovation and Verify U.S. National Security.” Journalist Laura Shin moderated the discussion.
After opening comments, the first of three questions posed to the panel concerned American innovation. Brito expressed hope that crypto would be allowed to develop with open access like the Internet did. He spoke of the process as letting “a thousand flowers bloom.” Zarate spoke of using blockchain technologies “to challenge U.S. adversaries.” It will be possible, Zarate said, to reinforce U.S.
The second question concerned regulation. Zarate bemoaned the “shoehorning” approach to crypto regulation, which is based on agencies’ purviews rather than the nature of crypto, while Brito spoke in favor of principle-based regulations. Brito criticized the IRS for being a regulatory “laggard.
The discussion of the digital yuan proved to be the liveliest, with Brito and Warren sharing their very different perspectives. Brito argued thatThe Belt and Road Initiative, he said, would not change the attitude toward the Chinese currency. But a “bearer-private” digital dollar could “dollarize the Internet overnight” and “cement dollar dominance in the world,” Brito said.
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