Discover crypto policymakers in Illinois

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

• capable of instantaneous, offline transactions using hardware devices not involving a third-party intermediary.

The bill also provides for privacy requirements applicable to any hardware device used for electronic dollar transactions.

Merchants who accept physical currency and the federal government must accept electronic dollars as a form of payment.

The bill also establishes

• the Electronic Currency Innovation Program to direct the development and implementation of electronic currency,

• the Digital Dollar Council to coordinate Treasury's activities with other government entities, and

• the Monetary Privacy Board to review and evaluate the electronic dollar program.

Finally, the bill provides for the establishment of a Treasury Electronic Currency Innovation Fund Account to carry out related programs.

Automatic Boost to Communities Act

This bill creates the Boost Communities Program to provide monthly aid during and after the COVID-19 (i.e., coronavirus disease 2019) emergency. Specifically, the bill provides $2,000 a month to individuals until the COVID-19 emergency declaration is terminated, or the national unemployment rate meets specified criteria, whichever is later. Furthermore, the bill provides $1,000 a month to individuals during the following year. The program also provides targeted supplemental assistance for at-risk populations.

The bill provides for the distribution of these funds through direct deposit, debit cards, and the establishment of digital dollar wallets.

The Department of the Treasury is directed to mint and issue two $1 trillion platinum coins and additional coins as needed to fund the program. The Federal Reserve is directed to purchase the coins.