Positions at a glance
Supporters
The Federal Reserve has not issued a CBDC. In January 2022, the Fed's Board of Governors published a discussion paper titled Money and Payments: The U.S. Dollar in the Age of Digital Transformation, which examined potential benefits (faster payments, financial inclusion, preserving the dollar's international role) and risks (disintermediation of banks, privacy, cybersecurity, monetary policy transmission). Chair Jerome Powell has repeatedly stated that the Fed would not proceed without clear support from the executive branch and authorizing legislation from Congress.
Opponents
The policy debate intensified after China's pilot of the e-CNY and the European Central Bank's preparation phase for a digital euro, launched in October 2023. In the United States, opposition has come from parts of Congress concerned about surveillance and bank disintermediation; in January 2025, President Trump signed an executive order prohibiting the establishment, issuance, or promotion of a CBDC within U.S. jurisdiction.
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In its January 2022 discussion paper *Money and Payments*, the U.S. Federal Reserve formally invited public comment on whether to pursue what commentators had long nicknamed "FedCoin."
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