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Coinbase Legal Head Urged the government to Let Private Sector Design US Digital Dollar

By Shannon Wilson | November 7, 2019

Brian Brooks – head of Legal at Coinbase – believed that the US authorities should back down and entrusts the private sector in designing a new US digital dollar. 

Specifically, in a Fortune article published on November 4, Brooks raised the question of whether it is the US officials’ job to design a digital dollar, or should the private sector be in charge of it, and can potentially bring more effectiveness to the project. 

Brooks has also provided his stance on the matter, which he considered to be “the best path forward”: 

“The best path forward is one that harnesses our country’s remarkable capacity for innovation and also reflects the government’s historical practice of setting broad guide rails for private innovation within the financial system. That means letting innovators invent, and letting the government regulate. In short: the private sector should build the technology, and the public sector should set monetary policy.”

He believed that the U.S has been carrying out its mission to be in a leadership position, to pioneer in tech innovation initiatives of the globe, but also specified that this position has been achieved mainly by the private sector, “not by the government.” 

Brooks feared that excessive authority can happen, coming from the US government, harming the growth of the crypto universe, and slows down the advancement of its underlying blockchain foundation. 

“The U.S. can take the lead without exerting unnecessary control over technology decisions that are providing increased access to our financial system. This can all be done while still empowering central banking authorities and building trust between individuals and institutions.”

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