I'd ask "whose oversight is avoided ?", and "whose isn't ?". You are supposing the Fed's deciding committees are acting fully independently (wittingly or not) within their mandate. AFAIK the process isn't exactly transparent, even ex post facto.

Similarly, we've seen last 12 years there's more than one way to skin a cat - issue "money" at the fed level - than just printing. They invented at least 3 mechanisms since.

That being said, it's not entire clear to me how current tokens/coins solve that conundrum without losing some major desirable/necessary "macro" features and flexibility.

"Without oversight" is stronger than reality as Trump's threatening of Powell illustrates. It is true that there is a strong culture of a politically independent, technocratic Fed. However this is a relatively recent invention by Volcker in the 80s. Volcker was pretty convincing about it's merits, hence it's survival, but even he was threatened by Reagan to not raise rates during the re-election campaign.