Commentary A new presidential order touches on the matter of a digital dollar and the Federal Reserve (Fed) has at last released a promised study on the subject. The Fed reached no conclusion but made clear its openness to the matter. It has left 120 days for comment. Whatever the Fed, or the White House, eventually decides, a digital dollar would change little in the conduct of financial affairs, unless, that is, the Fed uses the arrangements to destroy banking as it currently exists, and that is possible if not especially probable. At base, digital dollar enthusiasts advance four arguments for it. They claim that: 1) a digital currency would make transactions easier and more efficient; 2) it would protect the dollar’s role as the premier global reserve currency, most especially from China’s digital yuan; 3) it would alleviate inequity by giving those presently “unbanked” an alternative; and 4) it …