ECASH Act
The source supplies the latest action, but no lifecycle stage.
Latest action (28 Mar 2022): Referred to the House Committee on Financial Services.
What this bill does
H.R. 7231, the ECASH Act, proposes the development of a digital version of the U.S. dollar, referred to as "e-cash." This e-cash would be payable to the bearer, considered legal tender, and represent an obligation of the United States. It would be put into circulation by the Department of the Treasury and intended for direct use by the public, enabling instantaneous, offline transactions through secure hardware devices without needing a third-party intermediary. The bill also includes provisions for privacy protections for hardware devices used for these transactions.
The bill would affect individuals and businesses. Merchants who accept physical currency would be required to accept e-cash, and the federal government would also be obligated to accept it for payments and potentially issue benefits in e-cash. The legislation establishes an Electronic Currency Innovation Program to manage development and implementation, a Digital Dollar Council to coordinate government efforts, and a Monetary Privacy Board to review the program.
This bill was introduced in the House of Representatives and referred to the Committee on Financial Services. It has not advanced beyond the introduction stage. If it were to move forward, it would proceed through committee review, potential amendments, and votes in the House, and then follow a similar process in the Senate.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Electronic Currency And Secure Hardware Act or the ECASH Act
This bill requires the Department of the Treasury to support the development of an electronic dollar.
The electronic dollar must be
• payable to the bearer;
• considered legal tender;
• an obligation of the United States;
• placed into circulation by Treasury;
• able to be directly used by the public; and
Timeline
28 Mar 2022
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 7231 do?
- H.R. 7231, the ECASH Act, proposes the development of a digital version of the U.S. dollar, referred to as "e-cash." This e-cash would be payable to the bearer, considered legal tender, and represent an obligation of the United States. It would be put into circulation by the Department of the Treasury and intended for direct use by the public, enabling instantaneous, offline transactions through secure hardware devices without needing a third-party intermediary. The bill also includes provisions for privacy protections for hardware devices used for these transactions. The bill would affect individuals and businesses. Merchants who accept physical currency would be required to accept e-cash, and the federal government would also be obligated to accept it for payments and potentially issue benefits in e-cash. The legislation establishes an Electronic Currency Innovation Program to manage development and implementation, a Digital Dollar Council to coordinate government efforts, and a Monetary Privacy Board to review the program. This bill was introduced in the House of Representatives and referred to the Committee on Financial Services. It has not advanced beyond the introduction stage. If it were to move forward, it would proceed through committee review, potential amendments, and votes in the House, and then follow a similar process in the Senate.
- Has H.R. 7231 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 7231. Check the latest action and official source below.
- Who sponsored H.R. 7231?
- H.R. 7231 was sponsored by Rep. Lynch, Stephen F. [D-MA-8] (D-MA), with 4 cosponsors.
- What's the latest action on H.R. 7231?
- Referred to the House Committee on Financial Services. (28 Mar 2022).
Related bills in Finance and Financial Sector
Bankruptcy Threshold Adjustment Act
Common Cents Act
To amend title 11, United States Code, to clarify the rules for the exceptions to the discharge of the debt of an individual debtor, and for other purposes.
Fossil Free Finance Act of 2026
More bills from Rep. Lynch, Stephen F. [D-MA-8]
DPA Emerging Technology Act of 2026
ECASH Act
National Strategy for the Global Information Domain Act
Telephone Surveillance Accountability Act of 2013
Bill100 mirrors the public U.S. legislative record from Congress.gov and GovTrack and adds plain-English AI summaries. It is an information tool, not legal, compliance or lobbying advice, and it is not affiliated with the U.S. Congress or any government agency. AI summaries can simplify or omit detail — every bill links to the official source; verify there before you rely on it.