U.S. House Passes Bill Banning Federal Reserve From Issuing a CBDC
Is the U.S. Blocking Crypto Progress?
The U.S. House of Representatives has passed the CBDC Anti-Surveillance State Act, led by Majority Whip Tom Emmer, to prevent the Federal Reserve from developing a digital dollar. This decision, largely supported by Republicans, addresses concerns about potential governmental control over citizens. Meanwhile, Democrats argue that this move stifles public sector innovation. The bill's future in the Senate remains uncertain, reflecting broader legislative challenges facing crypto-related policies.
What are the main concerns Republicans have regarding the issuance of a U.S. central bank digital currency?
Republicans in the U.S. House of Representatives have expressed concerns that a U.S. central bank digital currency (CBDC) could be used to control Americans. They believe that a CBDC could potentially infringe on individuals' privacy and financial autonomy. These concerns led to the introduction of the CBDC Anti-Surveillance State Act, which aims to block the U.S. central bank from developing a digital dollar. The bill was passed largely along party lines, with 213 Republicans and three Democrats voting for it, while 192 Democrats voted against it.
What is the primary objective of the CBDC Anti-Surveillance State Act introduced by Majority Whip Tom Emmer?
The primary objective of the CBDC Anti-Surveillance State Act, introduced by Majority Whip Tom Emmer, is to prevent the U.S. Federal Reserve from developing and issuing a central bank digital currency (CBDC). The legislation aims to safeguard Americans' financial privacy by blocking federal efforts toward creating a digital dollar. This act reflects concerns among Republicans that a CBDC could potentially enable the government to exert undue control over citizens by monitoring and regulating financial transactions. The bill seeks to ensure that the development of digital currencies does not compromise individual privacy rights and adheres to the values of privacy, individual sovereignty, and market competitiveness36.