Dear         ,

Thank you for sharing your opposition to a digital currency system with me. I appreciate your input on this important matter, and it is an honor to represent you in Congress. Thank you so much for your civil and military service. 

With the growth of the Internet, the use of digital currencies that can be used to pay for goods and services, such as Bitcoin, has increased. While these currencies are currently only used in very specific markets and even some criminal circles, they have been gaining popularity.

As you may know, on January 14, 2022, the Federal Reserve released a white paper, titled "Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The paper is a step in an ongoing process in which Congress will consider both the potential costs and benefits of issuing a U.S. Central Bank Digital Currency (CBDC). Additionally, President Biden issued an Executive Order E.O 14067, Ensuring Responsible Development of Digital Assets to address concerns about illicit finance brought on by the growth of digital currencies. 
 
Private sector innovation must lead the way in order for the U.S. payments system to remain the best in the world. Congress must closely examine the impact a CBDC will have on private sector competition and innovation while addressing privacy, civil liberties, and security concerns.

Currently, there has been no legislation introduced to transition the dollar to a digital system. I am very pleased the white paper report reaffirms the Fed will not move forward on a CBDC without express authority from Congress. I look forward to working with my colleagues to ensure our financial system, including the role of the Fed, continues to support our economic and global competitiveness. Rest assured, should any legislation regarding digital currency be brought to a vote in the House of Representatives, I will keep your thoughts in mind.

Again, thank you for letting me know your opinion. Let’s keep in touch, and if I can be of help in the future, don’t hesitate to let me know.