,,ii  #aaith ,,congress  #ast ,session  
,s4 #aabd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #be1    
#bjbe,mr4 ,cruz 7for himself1 ,mr4      
,budd1 ,mr4 ,cramer1 and ,mr4 ,tillis7  
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to amend   
the ,federal ,reserve ,act to prohibit  
the ,federal reserve banks from offering
 certain products or services directly  
to an individual1 to prohibit the use of
 central bank digital currency for      
monetary policy1 and for other purposes4
  #a4 ,short title ,this ,act may be    
cited as the ,anti-,,cbdc ,surveillance 
,state ,act4  #b4 ,prohibition on       
,federal reserve banks relating to      
certain products or services for        
individuals and prohibition on directly 
issuing a central bank digital currency 
,section #af of the ,federal ,reserve   
,act 7#ab ,u4,s4,c4 #daa et seq47 is    
amended by adding at the end the        

following3  ,a ,federal reserve bank may
 not-- 7#a7 offer products or services  
directly to an individual2  7#b7        
maintain an account on behalf of an     
individual2 or  7#c7 issue a central    
bank digital currency1 as defined in    
section #aj7aa77;,d71 or any digital    
asset that is substantially similar     
under any other name or label4  4  #c4  
,prohibition on ,federal reserve banks  
indirectly issuing a central bank       
digital currency ,section #af of the    
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#daa et seq471 as amended by section #b1
 is further amended by adding at the end
 the following3  ,a ,federal reserve    
bank may not offer a central bank       
digital currency1 as defined in section 
#aj7aa77;,d71 or any digital asset that 
is substantially similar under any other
 name or label1 indirectly to an        
individual through a financial          
institution or other intermediary4  4   
#d4 ,prohibition with respect to central
 bank digital currency ,section #aj of  

the ,federal ,reserve ,act 7#ab         
,u4,s4,c4 #bda et seq47 is amended by   
inserting before paragraph 7#ab7 the    
following3  7#aa7 ,prohibition with     
respect to central bank digital currency
  7,a7 ,in general ,the ,board of       
,governors of the ,federal ,reserve     
,system may not test1 study1 develop1   
create1 or implement a central bank     
digital currency1 or any digital asset  
that is substantially similar under any 
other name or label4  7,b7 ,monetary    
policy ,the ,board of ,governors of the 
,federal ,reserve ,system and the       
,federal ,open ,market ,committee may   
not use a central bank digital currency 
to implement monetary policy1 or any    
digital asset that is substantially     
similar under any other name or label4  
7,c7 ,exception ,subparagraph 7,a7 and  
the eighteenth and nineteenth           
undesignated paragraphs of section #af  
may not be construed to prohibit any    
dollar-denominated currency that is     
open1 permissionless1 and private1 and  

fully preserves the privacy protections 
of ,united ,states coins and physical   
currency4  7,d7 ,central bank digital   
currency defined ,in this paragraph1 the
 term central bank digital currency     
means a form of digital money or        
monetary value that is-- 7i7 denominated
 in the national unit of account2  7ii7 
a direct liability of the ,federal      
,reserve ,system2 and  7iii7 widely     
available to the general public4  4  #e4
 ,sense of ,congress ,it is the sense of
 ,congress that the ,board of ,governors
 of the ,federal ,reserve does not have 
the authority to issue a central bank   
digital currency1 or any digital asset  
that is substantially similar under any 
other name or label1 and will not have  
such authority unless ,congress grants  
such authority pursuant to section #h of
 article ,i of the ,constitution of the 
,united ,states4