S. 3801 aims to amend the Federal Reserve Act to restrict Federal Reserve banks from offering digital products or services directly to individuals. It prohibits the use of central bank digital currency (CBDC) for monetary policy and prevents these banks from directly or...
Simple Explanation
S. 3801 is like a new rule saying the big bank in charge of all money can't make special digital money or special digital things for people without getting a thumbs-up from other leaders. This stops them from using the new digital money to change how money works, but still lets people use private digital money like coins and bills.