The Boston Federal Reserve is getting its new leader after the retirement of the previous leader Eric Rosengren. Susan M. Collins (not to be confused with the Senator from Maine) will take over the Boston Fed branch on July 1st of this year. While there has not been a lot said about this it is a huge deal because of the huge role that the Boston Federal Reserve is playing in the central bank's possible move into digital currency.
Over the last few months/years politicians, academics, and others have been talking about central bank digital currencies or CBDCs. Tons of discussions and debates have emerged about if we should even have them too when we have them what will they look like. As with most things it was decided that it needed to be studied and the Boston Fed was put in charge of leading the Federal Reserve's foray into everything crypto.
From what I have been able to find about her she is a very well respected person and will be the first African American woman to serve as the CEO of one of the 12 regional branches. A huge mystery though is how she feels and thinks about crypto as she has not made any public comments about CBDCs. While some might be against this as we do not know if she is opposed I am going to look on the bright side and say well she hasn't said she hated crypto. Also as an African American woman, she comes from a minority that has really been adopting crypto and NFTs and making careers out of the industry!
While she will also serve as one of the 5 voting members for increasing the interest rates her other vital job will be Project Hamilton. Project Hamilton is in partnership with MIT and recently completed its first stage aimed at developing and testing a hypothetical CBDC design. The project released research that stated one of the base codes used could handle 1.7 million transactions per second which would mean that most US transactions would be able to be settled in 2 seconds.
While the project has moved on to phase 2 the report released had two key things missing. It did not take a position either for or against a CBDC and it also did not establish a pilot project to move ahead. The base code though is going to be uploaded to GitHub for developers to give feedback on. For now though Phase Two has begun where research into interoperability with other CBDC and private cryptos like Bitcoin and Ethereum will occur.
It will be very interesting to see once she takes over in July what Boston Fed does with Project Hamilton and if they start moving into more functional things like pilot projects or partnerships. Susan Collins will have a ton of sway over the future of CBDCs and development of it. I look forward to seeing what she does and if she says neutral or takes a either pro or con stance to crypto and blockchain overall.
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