Republican Congressman Introduces CBDC Anti-Surveillance State Act
Republican House Majority Whip Tom Emmer has reintroduced the CBDC Anti-Surveillance State Act in an effort to prevent the United States from issuing a digital dollar. Emmer stated on Twitter that a government digital currency, if not designed to emulate cash, would dismantle Americans’ right to financial privacy and embolden the Administrative State.
Legislation Aims to Prohibit the Issuance of a Digital Dollar
The legislation, first filed earlier this year, aims to prohibit the U.S. Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. Emmer’s updated bill includes two key differences from the original. It adds a new section that bans “intermediate CBDCs,” which are issued by the Fed but managed by retail banks and other financial institutions. The second amendment removes the requirement for the Federal Reserve to report any potential CBDC pilot programs to Congress.
Political Views on Digital Currencies
The re-introduced bill has the support of 49 Republican co-sponsors, highlighting the variety of views politicians hold regarding digital currencies. While some politicians, like Republican Senator Ted Cruz, are pro-Bitcoin, not all in Washington D.C. are supportive. SEC Chairman Gary Gensler recently condemned the crypto industry for its alleged fraud and misconduct. Democrats have generally been anti-crypto, although Emmer claims that some secretly support his CBDC bill.
Emmer’s “Bottom Line” on Twitter
Emmer summarized his thoughts on the updated bill, stating that if a CBDC is not open, permissionless, and private like cash, it becomes a CCP-style surveillance tool that can be used to oppress the American way of life.
Hot Take: Protecting Financial Privacy and Preventing Overreach
Republican Congressman Tom Emmer has reintroduced the CBDC Anti-Surveillance State Act, aiming to prevent the U.S. from issuing a digital dollar. Emmer asserts that a government digital currency without privacy protections would undermine Americans’ financial privacy and empower the Administrative State. The updated bill includes a ban on “intermediate CBDCs” and removes the requirement for the Federal Reserve to report potential CBDC pilot programs to Congress. The legislation has garnered support from 49 Republican co-sponsors, emphasizing the range of opinions on digital currencies among politicians. While some, including Senator Ted Cruz, support cryptocurrencies, SEC Chairman Gary Gensler recently criticized the industry for fraud and misconduct. Emmer’s bill reflects the ongoing debate surrounding financial privacy and government overreach in the digital age.
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