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Digital currency will help the US dollar maintain its power and underpin a new infrastructure for transactions and exchanges, Circle CEO and co-founder Jeremy Allaire told Yahoo Finance at the ...
Rep. Tom Emmer (R-MN) recently re-introduced a bill that would effectively block efforts from the Fed and Biden administration to develop and institute a central bank digital currency (CBDC) that ...
A bipartisan bill would require the U.S. Treasury secretary to publish a report on the dollar's role in the global economy, as well as how central bank digital currency efforts are proceeding.
Executive Order 14067, officially titled Ensuring Responsible Development of Digital Assets, was signed on March 9, 2022, and is the 83rd executive order signed by U.S. President Joe Biden. The ultimate aim of the order is to develop digital assets in a responsible manner. [ 1 ]
This set the stage for consideration of the bill by the entire U.S. House of Representatives in late May. [1] [2] On 22 May 2024 the bill was passed by the full House by a vote of 279-136, with 71 Democrats and 208 Republicans voting to support the measure. The bill passed over the vocal opposition of President Biden and SEC Chair Gary Gensler. [3]
Law professors who've long pushed for a digital dollar worked with Congress to bring the concept to a series of coronavirus relief bills earlier this week.
The Build Back Better Act, which passed the House on September 27, 2021, was used by the Senate as the legislative vehicle for this legislation. On August 6, 2022 Senate Majority Leader Chuck Schumer proposed an amendment which would replace the text of the previously passed bill with the text of the Inflation Reduction Act of 2022.
The Treasury Department is exploring the creation of a central bank digital currency for use at potentially both the wholesale and retail level.