WASHINGTON—Rep. Stephen Lynch (D-MA) has introduced legislation that would require the U.S. Treasury Department to issue a digital version of the U.S. dollar.
Lynch is the chairman of the House Financial Services Committee’s Task Force on Financial Technology.
The legislation, the Electronic Currency and Secure Hardware (ECASH) Act. establishes “e-cash” or a digital dollar that could be stored and transferred via encrypted hardware devices that would maintain anonymity and privacy. Unlike the Federal Reserve’s proposed framework for a central bank digital currency (CBDC) that calls for transactions to be recorded on a public ledger or blockchain, Lynch’s ECASH Act transactions would rely on hardware to better preserve anonymity for users.
“It is absolutely critical for the U.S. to remain a world leader in the development and regulation of digital currency and other digital assets,” Lynch said.
Presidential Order
The introduction of the ECASH Act comes on the heels of President Joe Biden’s recent Executive Order on Ensuring Responsible Development of Digital Assets, which indicates that exploring a U.S. CBDC remains a high priority for the Administration and requires a host of agencies to participate in an interagency process to determine whether a CBDC has merit.
Analysts have said the legislation is unlikely to pass in the current Congress. The Fed has also earlier announced its own initiatives around exploring the pro’s and cons of such a digital currency.
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