Rep. Tom Emmer Supports Trump’s Opposition to Central Bank Digital Currency
Representative Tom Emmer, a member of the House of Representatives, is backing former President Donald Trump in his fight against the establishment of a digital dollar.
Trump recently made a promise to prevent the creation of a central bank digital currency (CBDC) in the U.S. if re-elected as president. Emmer expressed his agreement with Trump’s concerns about the threat CBDCs pose to Americans’ financial privacy.
“CBDCs pose a serious threat to Americans’ right to financial privacy. I look forward to working with him as we continue the fight against the expanding government surveillance state,” Emmer stated.
Emmer also mentioned his bill, the CBDC Anti-Surveillance State Act, which has gained support from 75 cosponsors. He emphasized that Congressional Republicans have been opposing the implementation of a surveillance-style CBDC.
Concerns Over the Need for CBDC
Various officials at the Federal Reserve and lawmakers have questioned the necessity of a CBDC. Fed Governor Michelle Bowman, for instance, remains unconvinced that a digital dollar would solve issues more effectively or efficiently than alternatives or with fewer risks for consumers and the economy.
The Federal Reserve has been exploring the concept of a digital dollar, but no decision has been made. Fed Chair Jerome Powell clarified that the process of considering a digital dollar would take at least a couple of years.
Trump’s Potential Influence on Cryptocurrency if Re-elected
Emmer predicts that Trump’s stance on cryptocurrency will become more favorable in his second term as president. Current predictions on the outcome of the U.S. presidential election show that Trump has a 48% chance of winning. Analysts anticipate that the price of bitcoin will reach new highs if Trump secures another term in office.
Hot Take: Emmer Stands With Trump Against CBDCs
Congressman Tom Emmer supports former President Donald Trump in their opposition to the introduction of a central bank digital currency (CBDC). Emmer shares Trump’s concerns about the impact of CBDCs on Americans’ financial privacy and vows to work together to combat expanding government surveillance. The Congressman’s CBDC Anti-Surveillance State Act already has significant support among Congressional Republicans. However, there are doubts about the necessity and risks associated with a CBDC, as expressed by Fed officials like Michelle Bowman. Emmer also believes that Trump will become more crypto-friendly if re-elected, a sentiment shared by analysts who anticipate a positive effect on bitcoin prices if Trump wins the election.
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