House Financial Services Chair Maxine Waters (D-Calif.), right, and Republican Rep. Patrick McHenry (N.C.) are expected to soon announce a bill that would order a study of a Fed currency as well as set new rules for stablecoins. | Andrew Harnik/AP
By Sam Sutton
08/22/2022 04:30 AM EDT
A bipartisan campaign is underway to push the Federal Reserve to launch a digital dollar — a crypto-friendly breakthrough that could transform payment systems, big banks and the virtual asset industry itself.
But as lawmakers and the Biden administration position the potential central bank digital currency as a key tool for maintaining the dollar’s global supremacy, banking and crypto powerbrokers are building a case for Washington to stay away.
Attorney General Merrick Garland has until Sept. 5 to determine what, if any, new laws are necessary for the Fed to move forward with a digital dollar. In Congress, House Financial Services Chair Maxine Waters (D-Calif.) and Republican Rep. Patrick McHenry...
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