The White House appears to be clearing the runway for a central bank digital currency (CBDC). In March, President Biden signed Executive Order 1406, which required the Secretary of the Treasury, Attorney General, Director of the Office of Science and Technology Policy, and the Chief Technology Officer to provide a series of reports on the feasibility and desirability of issuing a CBDC. In September, the White House outlined its policy objectives for a CBDC and tasked the Treasury with leading “an interagency working group to consider the potential implications of a U.S. CBDC, leverage cross-government technical expertise, and share information with partners.” The time and effort