Key developments in the United States over the past several months have kicked the digital currency transformation discussion into high gear. After the President’s Working Group on Financial Markets’ November 2021 Report on Stablecoins, two separate congressional hearings addressing stablecoins in December, two nomination hearings in mid-January, and the Federal Reserve’s issuance of its central bank digital currency (CBDC) Discussion Paper for comment (CBDC Paper) on January 20, 2022, the pace of the U.S. government’s response to crypto issues is unprecedented, and is expected to continue at a steady clip.