“``(A) is denominated in United States dollars; ``(B) is a United States currency; ``(C) is a direct liability of the Federal Reserve System; and ``(D) is widely available to the general public.”
The new section 16A of the Federal Reserve Act defines a central bank digital currency as a digital asset that is denominated in United States dollars, is a United States currency, is a direct liability of the Federal Reserve System, and is widely available to the general public. Digital asset takes its meaning from section 2 of the GENIUS Act.
What the document actually says
“``(A) is denominated in United States dollars; ``(B) is a United States currency; ``(C) is a direct liability of the Federal Reserve System; and ``(D) is widely available to the general public.”
That sentence, in plain words
It is counted in United States dollars. It is a currency of the United States. The central bank owes it directly. Anybody can get it.
What this is about
All four tests must be met at once. A thing that fails any one of them is not covered. Only then does the ban that follows apply.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Increase the supply of housing in America, Public Law 119-101, sec. 1101, 140 Stat. 983 (2026). https://www.govinfo.gov/content/pkg/PLAW-119publ101/html/PLAW-119publ101.htm
This page
“A central bank digital currency is defined by four tests,” Increase the supply of housing in America, section 1101, Sec. 1101. Read the Mandate, https://readthemandate.org/pl-119-101/proposal/sec1101-definition/ (retrieved October 10, 2026).
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