Sponsors (8)
Want the short version? I can break this bill down for you
This is not an official government website.
Copyright © 2026 PLEJ LC. All rights reserved.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced March 25, 2025 by Rafael Edward Cruz · Last progress March 25, 2025
Inserts a new paragraph (11) into 12 U.S.C. 241 that prohibits the Board of Governors of the Federal Reserve System from testing, studying, developing, creating, or implementing a central bank digital currency (CBDC) and prohibits the Board and the Federal Open Market Committee from using a CBDC to implement monetary policy; provides an exception for certain private, permissionless, dollar-denominated currencies that preserve privacy; and defines "central bank digital currency."
Adds a prohibition to Section 16 of the Federal Reserve Act (12 U.S.C. 411) barring a Federal reserve bank from offering a central bank digital currency (as defined in section 10(11)(D)) or any substantially similar digital asset indirectly to an individual through a financial institution or other intermediary.
Prohibits the Federal Reserve and Federal Reserve banks from issuing, creating, or providing a central bank digital currency (CBDC) or any substantially similar digital asset, and from offering accounts or payment services directly to individuals. It also bars the Fed from delivering a CBDC indirectly through banks or other intermediaries, defines CBDC broadly, allows a narrow exception for certain private, open, permissionless dollar‑denominated digital monies that preserve cash‑like privacy, and states Congress — not the Fed — must authorize any CBDC authority.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate