The United States House Financial Services Committee is moving forward with legislation to prevent the issuance of a central bank digital currency (CBDC). On Sep. 20, the Committee will mark up two bills related to a potential digital dollar. The first bill, the Digital Dollar Pilot Prevention Act, or H.R. 3712, prohibits the Federal Reserve from initiating pilot programs to test CBDCs without approval from Congress. The Federal Reserve has denied any decision on whether to issue a CBDC, but the Federal Reserve of San Francisco has sought to fill technical positions for a CBDC project. The second bill is an amendment to the Federal Reserve Act, prohibiting Fed banks from offering certain products or services directly to an individual, along with prohibiting the use of CBDCs for monetary policy. Presidential candidates Robert F. Kennedy Jr. and Ron DeSantis have spoken out against the establishment of a CBDC in the country, citing financial privacy concerns. Supporters of CBDCs claim it would help the United States to keep the dollar’s global relevance, as well as boost cryptocurrencies adoption.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	10
People	Robert F. Kennedy Jr., Alex Mooney, Ron DeSantis, Patrick McHenry
Companies	United States House Financial Services Committee, Federal Reserve of San Francisco, Federal Reserve, Ron DeSantis, Robert F. Kennedy Jr., Federal Reserve Act
Currencies	Ethereum, US Dollar, Bitcoin, Bankless DAO
Securities	None