Gary DeWaal, special counsel and Financial Markets and Regulation chair, spoke with Reuters on the legal questions surrounding a potential digital currency backed by the Federal Reserve. Gary stated, "It's not a question of if it's going to happen, no matter what Chairman Powell or Treasury Secretary Yellen say. It's a question of when." He explained that it will serve as money in another form, backed by the Fed, and not as a new currency that replaces existing cash. Gary also spoke to its convenience, potentially allowing the government to distribute money faster, directly to recipients (such as COVID relief), as opposed to requiring the utilization of intermediaries. He indicated that a digital dollar will succeed only if persons believe that its acceptance constitutes finality; this will require evaluation of contract, commercial and other laws to ensure there would be no problems requiring or accepting digital dollars as payments. He added that liability issues such as fraud, hacking and other malfunctions also would need to be dealt with. ("Digital dollar poses complex legal issues," April 27, 2021)