31 U.S.C. § 5101 — Decimal system

Page 372 TITLE 31—MONEY AND FINANCE § 5101 1 So in original. Probably should be ‘‘hundredths,’’. der funds transfers and payments, and other inter- national dimensions of digital assets and payments, while FATF continues its leadership in setting AML/ CFT standards for digital assets. Such international work should continue to address the full spectrum of issues and challenges raised by digital assets, including financial stability, consumer, investor, and business risks, and money laundering, terrorist financing, pro- liferation financing, sanctions evasion, and other illicit activities. (v) My Administration will elevate the importance of these topics and expand engagement with our critical international partners, including through fora such as the G7, G20, FATF, and FSB. My Administration will support the ongoing international work and, where ap- propriate, push for additional work to drive develop- ment and implementation of holistic standards, co- operation and coordination, and information sharing. With respect to digital assets, my Administration will seek to ensure that our core democratic values are re- spected; consumers, investors, and businesses are pro- tected; appropriate global financial system connectivity and platform and architecture interoper- ability are preserved; and the safety and soundness of the global financial system and international monetary system are maintained. (b) In furtherance of the policy stated in section 8(a) of this order: (i) Within 120 days of the date of this order [Mar. 9, 2022], the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Com- merce, the Administrator of the United States Agency for International Development, and the heads of other relevant agencies, shall establish a framework for interagency international engagement with foreign counterparts and in international fora to, as appro- priate, adapt, update, and enhance adoption of global principles and standards for how digital assets are used and transacted, and to promote development of digital asset and CBDC technologies consistent with our val- ues and legal requirements. This framework shall be coordinated through the interagency process described in section 3 of this order. This framework shall include specific and prioritized lines of effort and coordinated messaging; interagency engagement and activities with foreign partners, such as foreign assistance and capac- ity-building efforts and coordination of global compli- ance; and whole-of-government efforts to promote international principles, standards, and best practices. This framework should reflect ongoing leadership by the Secretary of the Treasury and financial regulators in relevant international financial standards bodies, and should elevate United States engagement on dig- ital assets issues in technical standards bodies and other international fora to promote development of digital asset and CBDC technologies consistent with our values. (ii) Within 1 year of the date of the establishment of the framework required by section 8(b)(i) of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Di- rector of the Office of Management and Budget, the Ad- ministrator of the United States Agency for Inter- national Development, and the heads of other relevant agencies as appropriate, shall submit a report to the President on priority actions taken under the frame- work and its effectiveness. This report shall be coordi- nated through the interagency process described in sec- tion 3 of this order. (iii) Within 180 days of the date of this order, the Sec- retary of Commerce, in consultation with the Sec- retary of State, the Secretary of the Treasury, and the heads of other relevant agencies, shall establish a framework for enhancing United States economic com- petitiveness in, and leveraging of, digital asset tech- nologies. This framework shall be coordinated through the interagency process described in section 3 of this order. (iv) Within 90 days of the date of this order, the At- torney General, in consultation with the Secretary of State, the Secretary of the Treasury, and the Secretary of Homeland Security, shall submit a report to the President on how to strengthen international law en- forcement cooperation for detecting, investigating, and prosecuting criminal activity related to digital assets. SEC. 9. Definitions. For the purposes of this order: (a) The term ‘‘blockchain’’ refers to distributed ledg- er technologies where data is shared across a network that creates a digital ledger of verified transactions or information among network participants and the data are typically linked using cryptography to maintain the integrity of the ledger and execute other functions, including transfer of ownership or value. (b) The term ‘‘central bank digital currency’’ or ‘‘CBDC’’ refers to a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank. (c) The term ‘‘cryptocurrencies’’ refers to a digital asset, which may be a medium of exchange, for which generation or ownership records are supported through a distributed ledger technology that relies on cryptog- raphy, such as a blockchain. (d) The term ‘‘digital assets’’ refers to all CBDCs, re- gardless of the technology used, and to other represen- tations of value, financial assets and instruments, or claims that are used to make payments or investments, or to transmit or exchange funds or the equivalent thereof, that are issued or represented in digital form through the use of distributed ledger technology. For example, digital assets include cryptocurrencies, stablecoins, and CBDCs. Regardless of the label used, a digital asset may be, among other things, a security, a commodity, a derivative, or other financial product. Digital assets may be exchanged across digital asset trading platforms, including centralized and decentral- ized finance platforms, or through peer-to-peer tech- nologies. (e) The term ‘‘stablecoins’’ refers to a category of cryptocurrencies with mechanisms that are aimed at maintaining a stable value, such as by pegging the value of the coin to a specific currency, asset, or pool of assets or by algorithmically controlling supply in re- sponse to changes in demand in order to stabilize value. SEC. 10. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive de- partment or agency, or the head thereof; or (ii) the functions of the Director of the Office of Man- agement and Budget relating to budgetary, administra- tive, or legislative proposals. (b) This order shall be implemented consistent with applicable law and subject to the availability of appro- priations. (c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforce- able at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. J.R. BIDEN, JR. SUBCHAPTER I—MONETARY SYSTEM § 5101. Decimal system United States money is expressed in dollars, dimes or tenths, cents or hundreths,1 and mills or thousandths. A dime is a tenth of a dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of a dollar. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 980.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5101 ......... 31:371. R.S. § 3563. Page 373 TITLE 31—MONEY AND FINANCE § 5101 The word ‘‘money’’ is substituted for ‘‘money of ac- count’’ to eliminate unnecessary words. As far as can be determined, the phrase ‘‘money of account’’ has not been interpreted by any court or Government agency. The phrase was used by Alexander Hamilton in his ‘‘Re- port on the Establishment of the Mint’’ (1791). In that Report, Hamilton propounded 6 questions, including: 1st. What ought to be the nature of the money unit of the United States? Thereafter, Hamilton uses the phrases ‘‘money unit of the United States’’ and ‘‘money of account’’ inter- changeably and in the sense that the phrases are used to denote the monetary system for keeping financial accounts. In short, the phrases simply indicate that fi- nancial accounts are to be based on a decimal money system: . . ., and it is certain that nothing can be more simple and convenient than the decimal subdivi- sions. There is every reason to expect that the method will speedily grow into general use, when it shall be seconded by corresponding coins. On this plan the unit in the money of account will continue to be, as established by that resolution [of August 8, 1786], a dollar, and its multiples, dimes, cents, and mills, or tenths, hundreths, [sic] and thousands. Thus, the phrase ‘‘money of account’’ did not mean, by itself, that dollars or fractions of dollars must be equal to something having intrinsic or ‘‘substantive’’ value. This concept is supported by earlier writings of Thomas Jefferson in his ‘‘Notes on the Establishment of a Money Unit, and of a Coinage for the United States’’ (1784), and the 1782 report to the President of the Conti- nental Congress on the coinage of the United States by the Superintendent of Finances, Robert Morris, which was apparently prepared by the Assistant Super- intendent, Gouverneur Morris. See Paul L. Ford, The Writings of Thomas Jefferson, vol. III (G.P. Putnam’s Sons, 1894) pp. 446–457; William G. Sumner, The Fin- ancier and the Finances of the American Revolution, vol. II (Burt Franklin, 1891, reprinted 1970) pp. 36–47; and George T. Curtis, History of the Constitution, vol. I (Harper and Brothers, 1859) p. 443, n2. The words ‘‘or units’’ and ‘‘and all accounts in the public offices and all proceedings in the courts shall be kept and had in conformity to this regulation’’ are omitted as surplus. Statutory Notes and Related Subsidiaries SHORT TITLE OF 2021 AMENDMENT Pub. L. 116–330, § 1, Jan. 13, 2021, 134 Stat. 5101, pro- vided that: ‘‘This Act [amending section 5112 of this title and enacting provisions set out as a note under section 5112 of this title] may be cited as the ‘Circu- lating Collectible Coin Redesign Act of 2020’.’’ SHORT TITLE OF 2018 AMENDMENT Pub. L. 115–197, § 1, July 20, 2018, 132 Stat. 1515, pro- vided that: ‘‘This Act [amending section 5112 of this title] may be cited as the ‘American Innovation $1 Coin Act’.’’ SHORT TITLE OF 2014 AMENDMENT Pub. L. 113–118, § 1, June 9, 2014, 128 Stat. 1183, pro- vided that: ‘‘This Act [amending provisions listed in a table of Commemorative Medals set out under section 5111 of this title] may be cited as the ‘Gold Medal Tech- nical Corrections Act of 2014’.’’ SHORT TITLE OF 2010 AMENDMENT Pub. L. 111–303, § 1, Dec. 14, 2010, 124 Stat. 3275, pro- vided that: ‘‘This Act [amending section 5112 of this title] may be cited as the ‘American Eagle Palladium Bullion Coin Act of 2010’.’’ Pub. L. 111–302, § 1, Dec. 14, 2010, 124 Stat. 3272, pro- vided that: ‘‘This Act [amending section 5112 of this title and enacting provisions set out as notes under sec- tion 5112 of this title] may be cited as the ‘Coin Mod- ernization, Oversight, and Continuity Act of 2010’.’’ SHORT TITLE OF 2008 AMENDMENT Pub. L. 110–456, § 1, Dec. 23, 2008, 122 Stat. 5038, pro- vided that: ‘‘This Act [amending section 5112 of this title and enacting provisions set out as a note under section 5112 of this title] may be cited as the ‘America’s Beautiful National Parks Quarter Dollar Coin Act of 2008’.’’ SHORT TITLE OF 2007 AMENDMENT Pub. L. 110–82, § 1, Sept. 20, 2007, 121 Stat. 777, provided that: ‘‘This Act [amending section 5112 of this title and enacting provisions set out as a note under section 5112 of this title] may be cited as the ‘Native American $1 Coin Act’.’’ SHORT TITLE OF 2005 AMENDMENT Pub. L. 109–145, § 1, Dec. 22, 2005, 119 Stat. 2664, pro- vided that: ‘‘This Act [amending section 5112 of this title and enacting provisions set out as notes under sec- tion 5112 of this title] may be cited as the ‘Presidential $1 Coin Act of 2005’.’’ SHORT TITLE OF 2003 AMENDMENT Pub. L. 108–15, § 1, Apr. 23, 2003, 117 Stat. 615, provided that: ‘‘This Act [amending sections 5112, 5134, and 5135 of this title and enacting provisions set out as notes under sections 5112, 5134, and 5135 of this title] may be cited as the ‘American 5-Cent Coin Design Continuity Act of 2003’.’’ SHORT TITLE OF 2002 AMENDMENT Pub. L. 107–201, § 1, July 23, 2002, 116 Stat. 736, pro- vided that: ‘‘This Act [amending section 5116 of this title and enacting provisions set out as notes under sec- tions 5112 and 5116 of this title] may be cited as the ‘Support of American Eagle Silver Bullion Program Act’.’’ SHORT TITLE OF 2000 AMENDMENT Pub. L. 106–445, § 1, Nov. 6, 2000, 114 Stat. 1931, pro- vided that: ‘‘This Act [amending sections 5112, 5132 and 5134 of this title] may be cited as the ‘United States Mint Numismatic Coin Clarification Act of 2000’.’’ SHORT TITLE OF 1997 AMENDMENT Pub. L. 105–124, § 1, Dec. 1, 1997, 111 Stat. 2534, provided that: ‘‘This Act [amending section 5112 of this title and enacting provisions set out as notes under this section and section 5112 of this title] may be cited as the ‘50 States Commemorative Coin Program Act’.’’ Pub. L. 105–124, § 4(a), Dec. 1, 1997, 111 Stat. 2536, pro- vided that: ‘‘This section [amending section 5112 of this title and enacting provisions set out as notes under sec- tion 5112 of this title] may be cited as the ‘United States $1 Coin Act of 1997’.’’ SHORT TITLE OF 1996 AMENDMENT Pub. L. 104–329, § 1(a), Oct. 20, 1996, 110 Stat. 4005, pro- vided that: ‘‘This Act [amending sections 5131 and 5135 of this title and enacting provisions set out as notes under this section, sections 5112 and 5135 of this title, and section 431 of Title 16, Conservation] may be cited as the ‘United States Commemorative Coin Act of 1996’.’’ Pub. L. 104–329, title III, § 301, Oct. 20, 1996, 110 Stat. 4012, provided that: ‘‘This title [amending sections 5131 and 5135 of this title and enacting provisions set out as notes under sections 5112 and 5135 of this title] may be cited as the ‘50 States Commemorative Coin Program Act’.’’ SHORT TITLE OF 1992 AMENDMENT Pub. L. 102–390, title II, § 201, Oct. 6, 1992, 106 Stat. 1624, provided that: ‘‘This title [enacting sections 5134 and 5135 of this title, amending sections 304, 5111, 5112, 5119, 5131, and 5132 of this title and section 709 of Title 18, Crimes and Criminal Procedure, enacting provisions Page 374 TITLE 31—MONEY AND FINANCE § 5102 set out as notes under sections 5132 and 5134 of this title, amending provisions set out as notes under sec- tion 5112 of this title, and repealing provisions set out as a note under section 5112 of this title] may be cited as the ‘United States Mint Reauthorization and Reform Act of 1992’.’’ SHORT TITLE OF 1990 AMENDMENT Pub. L. 101–585, § 1, Nov. 15, 1990, 104 Stat. 2874, pro- vided that: ‘‘This Act [amending section 5132 of this title] may be cited as the ‘Silver Coin Proof Sets Act’.’’ § 5102. Standard weight The standard troy pound of the National Insti- tute of Standards and Technology of the Depart- ment of Commerce shall be the standard used to ensure that the weight of United States coins conforms to specifications in section 5112 of this title. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 100–418, title V, § 5115(c), Aug. 23, 1988, 102 Stat. 1433.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5102 ......... 31:364. R.S. § 3548; restated Mar. 4, 1911, ch. 268, § 1, 36 Stat. 1354. The words ‘‘National Bureau of Standards of the De- partment of Commerce’’ are substituted for ‘‘Bureau of Standards of the United States’’ because of 15:1511. The words ‘‘troy pound of the mint of the United States, conformably to which the coinage thereof shall be reg- ulated’’ are omitted as unnecessary because of the re- statement. The word ‘‘ensure’’ is substituted for ‘‘se- curing’’ as being more precise. The words ‘‘specifica- tions in section 5112 of this title’’ are substituted for ‘‘the provisions of the laws relating to coinage’’ be- cause of the restatement. Editorial Notes AMENDMENTS 1988—Pub. L. 100–418 substituted ‘‘National Institute of Standards and Technology’’ for ‘‘National Bureau of Standards’’. § 5103. Legal tender United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97–452, § 1(19), Jan. 12, 1983, 96 Stat. 2477.) HISTORICAL AND REVISION NOTES 1982 ACT Revised Section Source (U.S. Code) Source (Statutes at Large) 5103 ......... 31:392. July 23, 1965, Pub. L. 89–81, § 102, 79 Stat. 255. 31:456. R.S. § 3584. The words ‘‘All . . . regardless of when coined or issued’’ are omitted as unnecessary because of the re- statement. The word ‘‘debts’’ is substituted for ‘‘debts, public and private’’ to eliminate unnecessary words. The words ‘‘public charges, taxes, duties, and dues’’ are omitted as included in ‘‘debts’’. 1983 ACT This restores to 31:5103 the reference to public charges, taxes, and dues because they are not consid- ered to be debts. See, Hagar v. Reclamation District No. 108, 111 U.S. 701, 706 (1884). Editorial Notes AMENDMENTS 1983—Pub. L. 97–452 inserted ‘‘, public charges, taxes, and dues’’ after ‘‘all debts’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT Amendment effective Sept. 13, 1982, see section 2(i) of Pub. L. 97–452, set out as a note under section 3331 of this title. SUBCHAPTER II—GENERAL AUTHORITY § 5111. Minting and issuing coins, medals, and numismatic items (a) The Secretary of the Treasury— (1) shall mint and issue coins described in section 5112 of this title in amounts the Sec- retary decides are necessary to meet the needs of the United States; (2) may prepare national medal dies and strike national and other medals if it does not interfere with regular minting operations but may not prepare private medal dies; (3) may prepare and distribute numismatic items; and (4) may mint coins for a foreign country if the minting does not interfere with regular minting operations, and shall prescribe a charge for minting the foreign coins equal to the cost of the minting (including labor, mate- rials, and the use of machinery). (b) The Department of the Treasury has a coinage metal fund and a coinage profit fund. The Secretary may use the coinage metal fund to buy metal to mint coins. The Secretary shall credit the coinage profit fund with the amount by which the nominal value of the coins minted from the metal exceeds the cost of the metal. The Secretary shall charge the coinage profit fund with waste incurred in minting coins and the cost of distributing the coins, including the cost of coin bags and pallets. The Secretary shall deposit in the Treasury as miscellaneous receipts excess amounts in the coinage profit fund. (c) PROCUREMENTS RELATING TO COIN PRODUC- TION.— (1) IN GENERAL.—The Secretary may make contracts, on conditions the Secretary decides are appropriate and are in the public interest, to acquire articles, materials, supplies, and services (including equipment, manufacturing facilities, patents, patent rights, technical knowledge, and assistance) necessary to produce the coins referred to in this title. (2) DOMESTIC CONTROL OF COINAGE.—(A) Sub- ject to subparagraph (B), in order to protect the national security through domestic con- trol of the coinage process, the Secretary shall acquire only such articles, materials, supplies, and services (including equipment, manufac- turing facilities, patents, patent rights, tech-