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Federal Reserve

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On February 26, 2024, Republican Senator Ted Cruz, along with fellow Republican Senators Bill Hagerty, Rick Scott, Ted Budd and Mike Braun introduced the CBDC Anti-Surveillance State Act. The Federal Reserve acts as the U.S. central bank. The proposed legislation states that no Federal Reserve Bank may “issue a central bank digital currency or any digital asset that is substantially similar, under any other name or label, directly to an individual.’’ This same prohibition was…

During the week of August 15, 2022, the Federal Reserve Board (“FRB”) included digital assets (or, as it refers to them, “crypto-assets”) in various internal and external notices, possibly signaling to the industry the emergence of a coordinated stance. While none of these communications alone provide much clarity, taken together we can begin to hear the FRB’s message: proceed, but with the utmost caution. August 15 – FRB Guidelines for approving reserve bank accounts…

On January 20, 2022, the U.S. Federal Reserve issued its long-anticipated White Paper on the subject of central bank digital currency (CBDC). Not surprisingly, from the jump, the Fed made clear that this Paper was simply the starting point for opening a dialogue. The Fed said: The paper has been designed to foster a broad and transparent public dialogue about CBDCs in general, and about the potential benefits and risks of a U.S. CBDC. The…