home.treasury.gov/news/press-releases/jy0706 has some hints that “OMG crypto might not be good” but then American policies have shown that if it can harm the vulnerable American public then it needs to be deployed EVERYWHERE. Don't get me wrong - I do like the idea of a CBDC if that means something like ACH uses it—imagine instant bank transfers with no fees (gas or processing)—because instead we can just take money away from war to pay for processing.

This section about a pilot test with stablecoins is eye-opening:

To peg their stablecoin to a dollar, most issuers say they back their coins with traditional assets that are safe and liquid. This way, whenever you want to trade your stablecoin back into a dollar, the company has the money to make the exchange. But, right now, no one can assure you that will happen. In times of stress, this uncertainty could lead to a run.

This is not hypothetical. A stablecoin run occurred in June 2021, when a sharp drop in the price of the assets used to back a stablecoin set off a negative feedback loop of stablecoin redemptions and further price declines.

The PWG report on stablecoins assesses these risks and proposes concrete solutions. And, we are now working with Congress to advance legislation to help ensure stablecoins are resilient to risks that could endanger consumers or the broader financial system. We are also working closely with our international partners to promote consistent regulation and supervision across jurisdictions.

From what I gather, even though they see a chance of this breaking things, the risk of such breakage is not enough to stop them from moving forwards with this. UGH. Please tell me why we're supposed to vote again if the majority of the officials tend to move with the intent of non-corporate and mega-wealthy people in mind.

Although innovations in computing have accelerated the pace of change, even the most foundational building blocks of our economy – including our money itself – have evolved dramatically over time.

Lol, this following line is “remember, we're a neocapitalist nation. Don't scam us, scam the citizens!”

While these important innovations helped standardize the backing of the dollar, the Bank of the United States did not have lasting political support. By the mid-1800s, the country relied on a fragmented system of paper notes issued by private banks. New Jersey banks issued notes that were different from the ones issued in New Hampshire or New York. And, because different banks were not seen to carry the same risks, people valued the notes differently. This system of private money did function to a degree, but it made transactions expensive and inefficient, and it contributed to bank runs for many decades.

I remember learning about this in junior high school and thinking if Brooklyn would have its own currency. And even at that age, I remember thinking "hmm, having so many forms of money in one country must be hard to manage". Thank you (and we must fund more) public education.

The dollar is the mostly widely used currency for global trade and finance. It is by far the most traded currency, accounting for nearly 90% of one leg in foreign exchange transactions and over half of trading invoices.

Definitely not related to any constant imperialist actions whatsoever! None!

In my view, the government’s role should be to ensure responsible innovation – innovation that works for all Americans, protects our national security interests and our planet, and contributes to our economic competitiveness and growth. Such responsible innovation should reflect thoughtful public-private dialogue and take account of the many lessons we’ve learned throughout our financial history.

American history has shown that this rarely happens for the majority of people who are on these stolen lands. I don't know why I read this, tbh. Now I'm just back on my angst against this nation all over again.