Title: US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan - CoinDesk
Headings: US Senate Floats ‘Digital Dollar’ Bill After House Scrubs Term From Coronavirus Relief Plan
US Senate Floats ‘Digital Dollar’ Bill After House Scrubs Term From Coronavirus Relief Plan
US Senate Floats ‘Digital Dollar’ Bill After House Scrubs Term From Coronavirus Relief Plan
Subscribe to The Node, our daily report on top news and ideas in crypto.

Content: US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan - CoinDesk
story from Policy & Regulation
US Senate Floats ‘Digital Dollar’ Bill After House Scrubs Term From Coronavirus Relief Plan
U.S. Capitol, Washington, D.C. (lazyllama/Shutterstock)
Nikhilesh De
Zack Seward
Mar 24, 2020 at 8:59 a.m. PDT Updated Mar 26, 2020 at 9:42 a.m. PDT
US Senate Floats ‘Digital Dollar’ Bill After House Scrubs Term From Coronavirus Relief Plan
A draft bill posted Tuesday to the U.S. Senate Committee on Banking, Housing and Urban Affairs defines a “digital dollar” and details how it might be maintained. The bill echoes language from a pair of draft U.S. House bills aimed at stimulating the economy during the coronavirus outbreak. The bill, introduced by Ranking Member Sen. Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony. According to the draft, the digital dollar will be “dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any Federal Reserve bank.” Subscribe to The Node, our daily report on top news and ideas in crypto. By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy. The bill even notes that such wallets should be branded as “FedAccounts.” Like a pair of draft bills in the U.S. House of Representatives, the proposed digital dollar would be operated and maintained by the Federal Reserve (the U.S. central bank). The Fed would be responsible for maintaining the digital wallets to support the funds, on behalf of individuals. Federal Reserve member banks could create a “pass-through digital dollar wallet,” which would hold a person’s share of a pooled reserve balance that the member bank maintains at any Fed bank.