The creation of a United States digital dollar would “crowd out” the cryptocurrency ecosystem and protect the national security of the U.S. according to a former top advisor in president Joe Biden’s administration.
Daleep Singh — a former Deputy National Security Advisor for International Economics in the Biden administration — made the comments at a Feb. 28 Senate Banking Committee hearing, suggesting that cryptocurrencies facilitate ransomware attacks and contribute to the evasion of U.S. sanctions.