H.R. 4841 would limit federal agencies’ ability to restrict or impair a person from using a convertible virtual currency, such as cryptocurrency or a self-hosted digital wallet, to conduct transactions or purchase goods and services. (A self-hosted digital wallet is a software interface which individuals use to privately store, control, and exchange cryptocurrencies without the need for a third-party financial institution.)
CBO estimates that some agencies would incur administrative costs to implement H.R. 4841, but those costs would be insignificant. For most agencies, any additional costs to implement the bill would be subject to the appropriation of additional funds.
Enacting H.R. 4841 could affect direct spending by agencies that are allowed to use fees, receipts from the sale of goods, and other collections to cover operating costs. CBO estimates that any net changes in direct spending by those agencies would be negligible because most of them can adjust amounts collected to reflect changes in operating costs.
H.R. 4841, by affecting the adoption of virtual currencies as a substitute for other forms of money, could have indirect effects on the budget through the banking system, the Federal Reserve, and Treasury markets. CBO cannot estimate those effects at this time.