CBDC Anti-Surveillance State Act" Advances in House Committee, Aims to Safeguard Financial Privacy
Summary:
The "CBDC Anti-Surveillance State Act", preventing unelected officials from issuing a Central Bank Digital Currency (CBDC), has advanced after being passed by the House Financial Services Committee. Authored by Congressman Tom Emmer, the bill has gained backing from 60 congressional members and will now face a congressional vote. Emmer insists that a CBDC should be open, permissionless, and private like physical cash, not a surveillance tool. The bill includes provisions that prevent the Federal Reserve from issuing CBDC to individuals or utilizing it for monetary policy.
The legislation titled "CBDC Anti-Surveillance State Act", designed to deter unelected officials in the capital from creating a central bank digital currency (CBDC), has progressed in its legislative journey after gaining approval from the House Financial Services Committee. A statement issued by the bill's architect, Congressman Tom Emmer, on September 20, revealed that the committee has sanctioned the "CBDC Anti-Surveillance State Act," propelling it towards the House floor for a subsequent vote by lawmakers. Up to this point, the bill has accumulated endorsement from 60 congressional members. Drawing attention to the Committee's approval, Emmer reemphasized the threat of the state assuming control over currency, asserting that it contradicts the principles of America. In relation to the global digital economy, he expressed the necessity for American values, advocating for a CBDC that is private, permissionless, and open like cash, rather than a tool for surveillance akin to Chinese controls, capable of undermining the American way of life. The "CBDC Anti-Surveillance State Act" was reintroduced in the US House of Representatives on September 14th by Emmer and 49 original signatories. Its first formal introduction to Congress occurred in February 2023. Amid political division over the issue, the bill stipulates clauses that prohibit the Federal Reserve from issuing a CBDC to individuals and prevent the Fed from using a CBDC to implement monetary policy. Speaking with Cointelegraph recently, Representative Emmer described digital assets as a "sleeper issue" within state and federal politics in the U.S. He identified a generation gap in U.S. residents' attitudes, suggesting citizens could contest regulations capable of restricting digital space, potentially encouraging the exit of lawmakers unaware of technology.
Published At
9/21/2023 8:00:14 AM
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