On June 30, the U.S. Senate Banking Committee will hold a virtual hearing titled "The Digitization of Money and Payments." The Senate Banking Committee is chaired by Senator Mike Crapo (R-ID) and the ranking member is Senator Sherrod Brown (D-OH). The hearing can be viewed ... here. J. Christopher Giancarlo, Senior Counsel at Willkie Farr and Gallagher ... has been busy splicing and dicing the technical details of a futuristic 'Digital Dollar,' one that is informed by distributed ledger technology and 'tokenized' so as to represent the physical cash we have today in digital form. Giancarlo's new think tank, the Digital Dollar Project, zooms in on the criticality of holding 'tokenized' or digital bearer instruments, just like cash, vs. account-based systems. This idea crossed paths in the last hearing with a concept called FedAccounts, where Morgan Ricks ... presented the idea that the Federal Reserve should operate as a retail bank and offer digital dollars. The idea presented by Ricks focuses on the idea of 'Bank Accounts for All,' a bill from ... Senator Sherrod Brown. Although the Digital Dollar surfaced in a draft of the CARES Act originally reported by NPR on March 23, the bill that was introduced in the House and the final CARES Act made no mention of a Digital Dollar. However, the next day, Brown introduced S. 3571, the Banking For All Act, where the idea of a Digital Dollar and FedAccounts (seen in the draft of the CARES Act) were included in his legislation.