Former CFTC Chair: White House Researching Government-Backed Digital Dollar Infrastructure

According to former U.S. Commodity Futures Trading Commission chairman Timothy Massad, cited by Coin Desk, the White House is conducting closed-door research into infrastructure for a government-backed, blockchain-based digital dollar. Despite former President Trump's public opposition to central bank digital currencies and government-backed stablecoin alternatives, Massad suggested that global developments in tokenized finance may ultimately push the U.S. toward a government-supported digital dollar solution. The U.S. is also participating in the Bank for International Settlements' Project Agora initiative.

Mark Gould, head of payments at the Federal Reserve, clarified that a digital dollar does not currently fall under Fed responsibilities, but if a government-backed version were launched, the Federal Reserve would take the lead.