ECASH Act
The source supplies the latest action, but no lifecycle stage.
Latest action (12 Sep 2023): Referred to the House Committee on Financial Services.
What this bill does
The ECASH Act would direct the Secretary of the Treasury to develop and pilot a digital version of the U.S. dollar, called "e-cash," designed to replicate the privacy and anonymity of physical cash. The e-cash would be a bearer instrument and legal tender, usable for direct, offline, peer-to-peer transactions without requiring a ledger or third-party approval. The bill sets detailed requirements for privacy protection, prohibits transaction fees and government surveillance of e-cash transactions, and requires interoperability with existing payment systems. It also establishes an Electronic Currency Innovation Program, led by a Senate-confirmed Director, to run a two-phase pilot program—starting with proof-of-concept tests within 180 days of enactment and moving to larger-scale field trials—leading toward possible public deployment within four years. A Digital Dollar Council, including Treasury, Federal Reserve, and other federal officials, would coordinate the effort.
The bill would primarily affect the Treasury Department, the Federal Reserve, financial institutions, payment technology companies, and the general public, who could eventually use e-cash for purchases, government payments, and benefits. It includes consumer protections such as required disclosures, limits on liability for unauthorized transfers, and treatment of e-cash as exempt property in bankruptcy. It also amends the Bank Secrecy Act to include e-cash under currency transaction reporting rules, with limits on lowering reporting thresholds.
The bill was introduced in the House on September 12, 2023, by Rep. Stephen Lynch and referred to the Committee on Financial Services. It has not received a vote and, as introduced in the 118th Congress, would need to be reintroduced in a future Congress to be considered further.
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
12 Sep 2023
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 5410 do?
- The ECASH Act would direct the Secretary of the Treasury to develop and pilot a digital version of the U.S. dollar, called "e-cash," designed to replicate the privacy and anonymity of physical cash. The e-cash would be a bearer instrument and legal tender, usable for direct, offline, peer-to-peer transactions without requiring a ledger or third-party approval. The bill sets detailed requirements for privacy protection, prohibits transaction fees and government surveillance of e-cash transactions, and requires interoperability with existing payment systems. It also establishes an Electronic Currency Innovation Program, led by a Senate-confirmed Director, to run a two-phase pilot program—starting with proof-of-concept tests within 180 days of enactment and moving to larger-scale field trials—leading toward possible public deployment within four years. A Digital Dollar Council, including Treasury, Federal Reserve, and other federal officials, would coordinate the effort. The bill would primarily affect the Treasury Department, the Federal Reserve, financial institutions, payment technology companies, and the general public, who could eventually use e-cash for purchases, government payments, and benefits. It includes consumer protections such as required disclosures, limits on liability for unauthorized transfers, and treatment of e-cash as exempt property in bankruptcy. It also amends the Bank Secrecy Act to include e-cash under currency transaction reporting rules, with limits on lowering reporting thresholds. The bill was introduced in the House on September 12, 2023, by Rep. Stephen Lynch and referred to the Committee on Financial Services. It has not received a vote and, as introduced in the 118th Congress, would need to be reintroduced in a future Congress to be considered further.
- Has H.R. 5410 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 5410. Check the latest action and official source below.
- Who sponsored H.R. 5410?
- H.R. 5410 was sponsored by Rep. Lynch, Stephen F. [D-MA-8] (D-MA), with 3 cosponsors.
- What's the latest action on H.R. 5410?
- Referred to the House Committee on Financial Services. (12 Sep 2023).
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