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US House Committee Approves CBDC Anti-Surveillance State Act Backed by 60 Members of Congress

US House Committee Approves CBDC Anti-Surveillance State Act Backed by 60 Members of Congress

CBDC Anti-Surveillance State Act Advances

The House Financial Services Committee has made progress on the CBDC Anti-Surveillance State Act, according to U.S. Congressman Tom Emmer. This bill, which Emmer and 50 other lawmakers reintroduced last week, is the first of its kind in the United States. Emmer has been working on this legislation for over three years.

Emmer highlighted the broad support for the bill, with 60 members of Congress and various groups backing it. These include the Independent Community Bankers Association, American Bankers Association, Club for Growth, Heritage Action, and the Blockchain Association. The goal of the bill is to prevent the introduction of a central bank digital currency (CBDC) that would compromise financial privacy.

The Key Provisions of the CBDC Anti-Surveillance State Act

The CBDC Anti-Surveillance State Act specifically prohibits the Federal Reserve from issuing a CBDC directly to individuals or through intermediaries. This measure ensures that personal financial information cannot be collected by the Fed through a retail bank. Additionally, the legislation prevents the Federal Reserve from utilizing a CBDC for monetary policy purposes, thereby preventing control over the American economy.

Risks of Financial Surveillance

Congressman Emmer raised concerns about financial surveillance practices observed in other countries. He mentioned China’s use of a central bank digital currency to monitor citizens’ spending habits and Canada’s freezing of bank accounts during trucker protests. Emmer emphasized that such actions are incompatible with American values.

Emmer also criticized the Biden administration’s interest in central bank digital currencies and its willingness to sacrifice financial privacy in exchange for surveillance capabilities. He argued that unlike decentralized cryptocurrencies, a government-controlled CBDC could be used as a tool for monitoring and restricting transactions, posing a threat to Americans’ rights and freedoms.

Hot Take: Protecting Financial Privacy in the Digital Age

The advancement of the CBDC Anti-Surveillance State Act represents an important step towards safeguarding financial privacy in the digital age. By preventing the Federal Reserve from issuing a CBDC that could enable extensive surveillance and control, this legislation aims to preserve the American way of life. As governments around the world explore central bank digital currencies, it is crucial to prioritize individual rights and ensure that citizens’ financial transactions remain private and secure. The CBDC Anti-Surveillance State Act serves as a reminder that protecting personal freedom should be a top priority when developing new forms of digital currency.

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US House Committee Approves CBDC Anti-Surveillance State Act Backed by 60 Members of Congress