((a)) ** Definitions** In this section:

((1)) ** Central bank digital currency** The term “central bank digital currency” means a digital asset that—

((A)) is denominated in United States dollars;

((B)) is a United States currency;

((C)) is a direct liability of the Federal Reserve System; and

((D)) is widely available to the general public.

((2)) ** Digital asset** The term “digital asset” has the meaning given the term in .section 5901 of this title

((b)) ** Prohibition** Except as provided in subsection (c), the Board of Governors of the Federal Reserve System or a Federal reserve bank may not issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency directly or indirectly through a financial institution or other intermediary.

((c)) ** Exception** Subsection (b) shall not prohibit any dollar-denominated currency that is open, permissionless, and private, and fully preserves the privacy protections of United States coins and physical currency.

((d)) ** Sunset** This provisions of this section shall cease to be effective on .December 31, 20302030-12-31

((e)) ** Rule of construction** Nothing in this section shall be construed to allow the Board of Governors of the Federal Reserve System to issue a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency directly or indirectly absent authorization by an Act of Congress.