CBDC Anti-Surveillance State Act Reintroduced to Protect Financial Privacy
U.S. Congressman Tom Emmer and a group of 49 lawmakers have reintroduced the CBDC Anti-Surveillance State Act, aimed at preventing unelected officials in Washington, D.C. from issuing a central bank digital currency (CBDC) that undermines Americans’ right to financial privacy. The updated bill prohibits the Federal Reserve from launching a retail CBDC while safeguarding innovation and future development of true digital cash.
Emmer emphasized that a government digital currency should not compromise financial privacy or empower administrative control. He stated that the bill serves as a check on unelected bureaucrats, ensuring that U.S. digital currency policy aligns with American values of privacy, individual sovereignty, and free-market competitiveness.
Bipartisan Support for Protecting Financial Privacy
The CBDC Anti-Surveillance State Act is co-sponsored by Emmer’s Republican colleagues, including Representatives French Hill, Warren Davidson, Byron Donalds, Pete Sessions, Young Kim, William Timmons, Ralph Norman, Barry Loudermilk, Bryan Steil, Scott Fitzgerald, Mike Flood, Bill Posey, Mike Lawler, Andy Ogles, and Ann Wagner.
Emmer criticized President Biden’s willingness to compromise Americans’ right to financial privacy for a surveillance-style CBDC. He argued that unless a CBDC is open, permissionless, and private like cash, it becomes a tool for surveillance similar to what is seen in CCP-style regimes. The bill will be considered by the House Financial Services Committee this month.
Hot Take: Protecting Financial Privacy in the Digital Age
The reintroduction of the CBDC Anti-Surveillance State Act highlights growing concerns about protecting financial privacy in an increasingly digital world. The bill aims to prevent the issuance of a central bank digital currency that infringes upon Americans’ right to privacy and individual sovereignty. By placing limits on unelected bureaucrats and promoting innovation, the legislation seeks to uphold the core values of privacy and free-market competitiveness. As the debate surrounding CBDCs continues, it is crucial to strike a balance between technological advancement and preserving individuals’ rights in the digital age.
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