The Federal Reserve is launching a pilot program of the new central bank digital currency, and it's no coincidence that this is happening as FTX collapses.  The New York Fed's Innovation Center is leading this program, and BNY Mellon, Citi, U.S. Bank, and Wells Fargo are piloting it. All are working on a 12-week digital dollar pilot.  Financial regulators aren't rushing to regulate crypto because banks need to test and finalize the "regulated liability network" to issue central bank reserves via DLT.   

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