October 16, 2019 Former CFTC executives propose government-backed USD stablecoin.

J. Christopher Giancarlo, former CFTC chair, and Daniel Gorfine, former director of the LabCFTC experimental group, pitch a government-backed blockchain network maintained by an independent nongovernmental group but administered by banks and other payment organizations. Depositors could exchange cash for the stablecoin, with the cash held in escrow accounts by the Federal Reserve. They argue that such a system would extend the role of the USD in global finance, particularly as other nations such as China continue stablecoin development, offer lower transaction costs, and distribute access to payment information across many parties.