Digital Assets and Privacy Concerns Gain Political Significance Ahead of 2024 Elections
Summary:
Tom Emmer, the majority whip of the United States House of Representatives, warns that digital assets are becoming a significant issue in U.S. politics. He highlights the impact of blockchain, crypto, and privacy concerns ahead of the 2024 elections. Emmer emphasizes the need for open, permissionless, and private central bank digital currencies (CBDCs) and advocates for legislation to limit the Federal Reserve's issuance of a CBDC. The House Financial Services Committee is set to discuss the Digital Dollar Pilot Prevention Act, which could require congressional approval for CBDC pilot programs.
Digital assets have emerged as a significant matter in U.S. politics, according to Tom Emmer, the majority whip of the United States House of Representatives and a supporter of cryptocurrency. During an interview at the Permissionless II conference, Emmer emphasized the potential impact of blockchain and crypto-related issues on the 2024 elections, particularly regarding financial privacy and government oversight of central bank digital currencies (CBDCs). He highlighted that the protection of personal information is a concern shared by individuals across political affiliations. Emmer also noted a potential clash between technologically savvy residents and lawmakers lacking digital knowledge, suggesting that such conflicts could contribute to shaping policies in the digital space. Notably, several 2024 candidates, including Florida Governor Ron DeSantis, have taken public positions on CBDCs. Emmer emphasized the importance of ensuring any CBDC implementation offers open, permissionless, and private features to align with the nature of cash transactions. Emmer's initiatives include reintroducing a bill to restrict the Federal Reserve's ability to issue a CBDC and supporting an appropriations amendment related to crypto firms. The House Financial Services Committee is set to discuss the Digital Dollar Pilot Prevention Act, which could prevent the Fed from initiating CBDC pilot programs without Congress's approval.
Published At
9/18/2023 7:30:00 PM
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