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Bill

S 3801

Relates to the creation of the digital currency task force

2025 Regular Session Introduced by Kevin Parker and 1 co-sponsor

Summary of S 3801: The Digital Currency Task Force Act OverviewThis bill, introduced on January 30, 2025, seeks to create a digital currency task force to study the potential benef

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Bill Summary · S 3801

Summary of S 3801: The Digital Currency Task Force Act

Overview

This bill, introduced on January 30, 2025, seeks to create a digital currency task force to study the potential benefits and risks of implementing a United States central bank digital currency (CBDC).

Key Provisions

  • Establishes a 15-member "Digital Currency Task Force" comprised of government officials, financial industry experts, and consumer advocates.
  • Requires the task force to study the feasibility, security, and potential impacts of a U.S. CBDC, including on monetary policy, financial stability, consumer privacy, and financial inclusion.
  • Directs the task force to examine international CBDC initiatives and best practices that could inform a U.S. approach.
  • Mandates the task force to provide Congress with an interim report within 1 year and a final report with recommendations within 2 years.

Potential Impact

  • If implemented, a CBDC could provide faster, more secure, and more accessible digital payments for consumers and businesses.
  • However, a CBDC also raises concerns about government surveillance, financial privacy, and disruption to the traditional banking system.
  • The task force's research and recommendations would help policymakers weigh the tradeoffs and decide whether to proceed with a U.S. CBDC.

Related Legislation

This bill builds on several prior-session bills that explored digital currency and blockchain technology, including:
- S 7724: The Crypto-Currency Act of 2024
- S 4593: The Digital Taxonomy Act
- S 5044: The Blockchain Innovation Act
- S 7920: The Digital Asset Market Structure and Investor Protection Act

Overall, S 3801 represents a significant step toward understanding the feasibility and implications of a potential U.S. central bank digital currency.

Compiled from official sources — confirm details with the bill’s official record.

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