I wanted to slap the so-called experts who demonstrated utter incompetence… to answer the question of why use crypto as digital dollar: just look at costs!
How much money is there tied up “serving” the current financial infrastructure? From secret service chasing counterfeit money to treasury to banks themselves—- all these are costs that won’t exist in digital fiat.
No worries, banks won’t go away, nor will their ability to create money… Just use POS to account for deposits and let them run like they would normally do. Any of these bozos consult technical people?
I mean come on!
I am sure that these guy’s reviewed what they were willing to say before it went on record, the reality of the matter as I see it is Mr Sherman asked a uneducated outdated question and was looking to hang someone in defense of the dollar, he listened to nothing and wanted to make it appear as if crypto is used only by criminals, I understand the stance because crypto is truly becoming an alternative to the dollar, so if your career depends on the strength of the dollar all else becomes enemy of the state, but come on… the guy acts like we are replaying 2014 again 
Funny thing is that he could have questioned the Chairman of the Fed in the same manner:
“Mr. Chairman, why do we have cash? Shouln’t the law-abiding citizens all use their bank accounts? Unless you are a drug dealer or a tax evader, you wouldn’t use dollar. We have a perfect system called Visa and Master Card. Why do we need cash?”
I was thinking this Exactly!
My opinion is that most of these members of the committee has no clue what they are talking about or little to no knowledge of cryptocurrencies. Which makes the whole hearing just a boring blah blah blah meeting with little or no outcome.