Advancement of US Anti-CBDC Legislation Gains Momentum

The CBDC Anti-Surveillance State Act has taken a significant step forward in its legislative journey, securing approval from the House Financial Services Committee. Representative Tom Emmer, the bill’s author, announced this development in a press release on September 20, signaling that the CBDC Anti-Surveillance State Act has successfully advanced out of the committee and has been favorably reported to the House floor, setting the stage for an upcoming congressional vote.

Representative Emmer underscored the broad support the bill has garnered, with the backing of 60 members of Congress. He reiterated the concerns surrounding state control of currency and its compatibility with core American principles. Emmer emphasized the importance of an open, permissionless, and private approach to digital currency, akin to traditional cash, contrasting it with the potential risks of a central bank digital currency resembling a surveillance tool reminiscent of the Chinese Communist Party’s tactics.

On September 14, Emmer and 49 initial co-sponsors reintroduced the CBDC Anti-Surveillance State Act in the United States House of Representatives. This reintroduction followed its initial presentation to Congress in February 2023.

The bill comprises provisions designed to prevent the Federal Reserve from issuing a CBDC to individuals and restrict the Fed from utilizing any CBDC for the purpose of implementing monetary policy.

In a recent interview, Representative Emmer characterized digital assets as a “sleeper issue” in U.S. politics, noting their growing significance at both the state and federal levels. Emmer highlighted a generational divide in the United States, suggesting that residents may resist policies that hinder digital advancements and, in the process, may encourage the replacement of lawmakers who lack technological understanding.

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