House Financial Services Committee Passes CBDC Anti-Surveillance State Act
The House Financial Services Committee has successfully passed the CBDC Anti-Surveillance State Act, a bill aimed at preventing the Federal Reserve from issuing a central bank digital currency (CBDC). This significant development was announced by Representative Tom Emmer, known for his pro-decentralized cryptocurrency stance. Emmer revealed that the legislation has received approval from the committee and will now proceed to a congressional vote.
Broad Support for the Bill
Emmer highlighted that the bill already has backing from 60 members of Congress, underscoring its broad support. He emphasized the importance of stopping the issuance of a financial surveillance tool that could undermine the American way of life.
Concerns About CBDCs and Privacy
Emmer drew a distinction between decentralized cryptocurrencies and CBDCs, describing the latter as government-controlled programmable forms of sovereign currency. He expressed concern that if a CBDC does not emulate cash, it could enable the Federal Government to surveil and impose restrictions on American transactions. Drawing parallels with China’s approach, Emmer argued against sacrificing American citizens’ right to financial privacy in exchange for a surveillance-oriented central bank digital currency.
A Bill for Privacy and Individual Sovereignty
The bill proposed by Emmer aims to ensure that any digital currency issued by the US remains in the hands of the American people, rather than being controlled by the administrative state. It seeks to uphold values of privacy, individual sovereignty, and free market competitiveness.
Future Global Digital Economy Should Prioritize Privacy
Emmer emphasized the need for a future global digital economy that aligns with these principles. He stated that a central bank digital currency lacking openness, permissionless access, and privacy similar to cash would only serve as a surveillance tool. Emmer urged for the preservation of American values and privacy in the development of digital currencies.
Advancement of the CBDC Anti-Surveillance State Act
The advancement of the CBDC Anti-Surveillance State Act in Congress marks an important step in the ongoing discussions surrounding the potential issuance of a central bank digital currency in the United States. With bipartisan support and a focus on preserving American values and privacy, the bill provides a platform for further deliberations on the future of digital currency in the country.
Hot Take: Protecting Privacy and American Values with CBDC Legislation
The passage of the CBDC Anti-Surveillance State Act by the House Financial Services Committee is a significant win for proponents of privacy and individual sovereignty. The bill aims to prevent the Federal Reserve from issuing a central bank digital currency that could enable government surveillance and restrictions on transactions. With bipartisan support and emphasis on preserving American values, this legislation serves as an important milestone in shaping the future of digital currency in the United States.
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