CBDC Anti-Surveillance State Act Passes Committee
The CBDC Anti-Surveillance State Act, the first anti-CBDC legislation in the United States, has passed out of the Financial Services Committee. Republican Senator Tom Emmer, who has been fighting against the Federal Reserve’s development of a CBDC, hailed it as a historic step in defending against government surveillance. The bill aims to restrict the Federal Reserve from minting a programmable CBDC, which Emmer argues would undermine Americans’ way of life and become a surveillance tool. He cited China’s use of a CBDC to track citizens’ spending habits and create a social credit system as an example.
Fed CBDC Prohibitions
The bill specifically prohibits the Federal Reserve from issuing a CBDC to individuals and using it for monetary policy implementation. This would prevent the central bank from becoming a retail bank that collects personal financial data. The legislation will now proceed to a full vote before the House, and if passed, it will require approval from the Democrat-controlled Senate. However, many anti-crypto politicians oppose it. US presidential candidate Robert F. Kennedy Jr. also supports the principles outlined in Emmer’s bill, stating that CBDCs would increase the government’s power to cut off access to funds.
Hot Take: Protecting Against Government Surveillance with Anti-CBDC Legislation
The CBDC Anti-Surveillance State Act passing out of the Financial Services Committee is a significant milestone in the fight against government surveillance through digital currencies. By restricting the development of programmable CBDCs, the bill aims to protect Americans’ privacy and prevent their financial transactions from being monitored and controlled by the government. With growing concerns about authoritarian regimes using digital currencies for surveillance purposes, this legislation sends a strong message about safeguarding individual freedoms and preserving the American way of life. As the bill moves forward, its potential impact on the future of digital currencies and government control over financial systems remains a topic of great importance and debate.
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