By Jim Mignano, Daniel Egel, Phoebe Rose Levine, Daniel Cunningham, Brian A. Jackson, John S. Hollywood, Lucy L. Thomson, Dulani Woods

The Federal Reserve’s exploration of a U.S. Central Bank Digital Currency (CBDC) raises questions about its impact on U.S. law enforcement’s ability to detect and investigate crime. This report, informed by expert interviews and a scenario-based workshop, identifies key CBDC design choices affecting law enforcement capabilities. It underscores the need to evolve investigative techniques to meet relevant challenges if a U.S. CBDC is launched.

Santa Monica, CA" RAND, 2025. 51p.