S464119th CongressWALLET

No CBDC Act

Sponsored By: Senator Lee, Mike [R-UT]

Introduced

Summary

Blocks the federal government from creating and issuing a central bank digital currency (CBDC).

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  • Families and individuals: Stops people from receiving a CBDC directly or through a custodian and from having CBDC accounts maintained on their behalf by federal actors.
  • Digital currency intermediaries and banks: Prohibits offering CBDC products or services directly to individuals via digital currency intermediaries or supervised commercial banks, including specially designated accounts.
  • Federal entities: Prevents the Federal Reserve Board, Federal Reserve Banks, the Secretary of the Treasury, and other agencies from minting, holding, or carrying U.S.-issued digital currencies on federal balance sheets or using them to satisfy requirements under section 2A.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Ban on U.S. Digital Dollar

This bill would bar the Federal Reserve, the Treasury, and federal agencies from creating or managing a U.S. digital dollar. They could not mint or issue a digital dollar to an individual or to a digital currency company. They could not offer digital-dollar products or services directly to people. They could not keep accounts for individuals at Fed banks, supervised banks, or digital-currency intermediaries. Federal Reserve banks could not list U.S.-issued digital dollars as assets or liabilities on their balance sheets. The bill would ban using such digital dollars to meet requirements under section 2A. These bans would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Lee, Mike [R-UT]

UT • R

Cosponsors

  • Sen. Cruz, Ted [R-TX]

    TX • R

    Sponsored 2/6/2025

  • Sen. Scott, Rick [R-FL]

    FL • R

    Sponsored 2/6/2025

Roll Call Votes

No roll call votes available for this bill.

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