CBDC Interoperability, Benefits and Implications – A U.S. Perspective


Thursday, 17th November 2022


| Commissioner Hester M. Pierce, U.S. Securities and Exchange Commission

Professor Patrick McCarty, Georgetown University Law Center


We are in the midst of studying and discussing the potential effects of a digital dollar, a digital liability issued by the Federal Reserve, available to everyone in the United States-in other words, a retail CBDC for the United States of America.

Theoretical benefits around the idea of a CBDC include greater efficiency and redundancy in the payments ecosystem, a field for innovation, greater financial inclusion, and the potential to lay the foundations for better cross-border transactions. But not only are those benefits still to be verified, but there are also risks as well in the form of financial instability, operational, reputational, surveillance, and money laundering risks. The devil is in the details, and CBDCs are not the exception, If a digital dollar is issued, its regulation and design will be particularly responsible for its success.

Having explored CBDC motivations and challenges from an Asia-pacific, Latin American, UK and Canadian perspective, we now turn our attention to the United States. In this session, guests Commissioner Hester M. Peirce from the U.S. Securities and Exchange Commission (SEC) and Professor Patrick McCarty, Adjunct Professor, Derivatives/ICOs and Cryptocurrencies at Georgetown University Law Center join FNA to offer an insight into CBDC deployment and its relationship with other digital forms of payment and benefits/implications of a national rollout from a U.S. perspective.


The session covered:

  • The regulatory challenges and implications of issuing a digital dollar
  • Whether a digital dollar poses a real risk of disintermediation of banks and financial stability and how CBDC design regulation could avoid this
  • The role of the digital dollar in cross-border payments
  • The advantage and impact of rolling out a digital dollar before other G7 nations
  • Whether new forms of money, such as stablecoins and cryptocurrencies, compete with the digital and physical dollar
  • Whether regulators and supervisors have the knowledge and skills to cope with the evolution of digital money and assets
  • The regulation of stablecoins and cryptocurrencies
  • The demand and readiness for a retail CBDC in the U.S


Watch on demand:


Session #11 Guests



Commissioner Hester M. Peirce

The U.S. Securities and Exchange Commission

Hester M. Peirce was appointed by President Donald J. Trump to the U.S. Securities and Exchange Commission and was sworn in on January 11, 2018.

Prior to joining the SEC, Commissioner Peirce conducted research on the regulation of financial markets at the Mercatus Center at George Mason University. She was a Senior Counsel on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where she advised Ranking Member Richard Shelby and other members of the Committee on securities issues. Commissioner Peirce served as counsel to SEC Commissioner Paul S. Atkins. She also worked as a Staff Attorney in the SEC’s Division of Investment Management. Commissioner Peirce was an associate at Wilmer, Cutler & Pickering (now WilmerHale) and clerked for Judge Roger Andewelt on the Court of Federal Claims.

Commissioner Peirce earned her bachelor’s degree in Economics from Case Western Reserve University and her JD from Yale Law School.


Patrick McCarty

Adjunct Professor- Derivatives/ICOs and Cryptocurrencies, Georgetown University Law Center

Law School Lecturer- The Catholic University of America, Columbus School of Law

Pat is an experienced lawyer with deep policy, legislative, and regulatory experience. Pat is the Founder of McCarty Financial, LLC, a boutique financial services consulting firm focused on futures, swaps and digital asset issues. Pat has held multiple senior executive positions including: Managing Director, US Government Relations for ICAP North America (2011-2016); Senior Professional Staff, Senate Agriculture, Nutrition and Forestry Committee – primary draftsman of the Title VII Swaps provisions Dodd Frank Act (2010-11); Counsel – Chairman’s Office at the U.S. Securities and Exchange Commission (2009); General Counsel for the Commodity Futures Trading Commission (2002 to 2005); General Counsel of the Managed Funds Association (2000-2002); Professional Staff -House Banking Committee during passage of the Gramm-Leach-Bliley Act (1997-2000).

Pat teaches at both Georgetown University Law Center (ICOs and Cryptocurrencies Seminar) and Catholic University of America Columbus School of Law (Derivatives Seminar). He holds a law degree from Catholic University of America Columbus School of Law (1986) and received a B.A. in economics from University of Virginia. (1980)



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