President Biden’s executive order on crypto gave Attorney General Merrick Garland until October 5 to produce a legislative proposal, if deemed necessary, that would enable the U.S. to issue a central bank digital currency. When the day passed without a report being released, Republican leaders on the House Financial Services Committee sent a letter to Garland saying, “Committee Republicans emphasized in our CBDC principles that the Federal Reserve does not have the legal authority to issue a CBDC absent action from Congress.” They asked DOJ to provide text of its assessment regarding whether or not legislative changes would be necessary to issue a CBDC by October 15.