Congressman Emmer Joins Trump in Opposition to CBDCs Over Privacy Concerns
Summary:
U.S. Congressman Tom Emmer echoes former President Donald Trump's concerns over central bank digital currencies (CBDCs), potentially infringing upon financial privacy. Highlighting a bill he has introduced called the CBDC Anti-Surveillance State Act, Emmer aims to restrict governmental oversight into personal financial affairs. Both leaders are committed to hindering the Federal Reserve's plans to introduce a CBDC in the U.S. Meanwhile, four American states have proposed legislation to exclude CBDCs from the legal definition of money.
U.S. Congressman Tom Emmer has joined forces with ex-President Donald Trump in expressing worry over how the advent of central bank digital currencies (CBDCs) could jeopardize financial privacy. Expressing his apprehension over the same platform as Trump on January 19, Emmer, who is also the House Majority Whip, highlighted the potential problems CBDCs could pose to financial confidentiality. In a speech delivered in Portsmouth, New Hampshire, on January 17, Trump, while on his presidential campaign trail, vowed to hinder the Federal Reserve's plans to incorporate a CBDC in the country. Emmer echoed Trump's sentiments, stating his readiness to team up with Trump in combating the enlargement of government-led scrutiny.
Their collective resistance against CBDCs aligns with their belief that these digital assets could potentially be exploited politically and could risk financial transparency. Emmer further unveiled his legislative efforts to counter this, especially his bill called the CBDC Anti-Surveillance State Act, that already enjoys the support of 75 cosponsors. The planned legislation against CBDCs, upon its acceptance, could act as a pivotal guard rail, thus restricting the potential overreach of governmental supervision into personal financial activities.
On a related note, even though Trump critiqued Bitcoin and other cryptocurrencies during his term, his post-presidential life witnessed his venture into the digital asset space by releasing three series of non-fungible tokens (NFTs). His NFT collections yielded him a total of 1,075 ETH, one of which was the notorious mugshot captured upon his self-surrender in Georgia in August.
In the ongoing battle against CBDCs, multiple states like Utah, South Carolina, South Dakota, and Tennessee have proposed legislation aimed at excluding CBDCs from the legal definition of money. This development could significantly hinder the integration of CBDCs in the United States. In related news, a Hong Kong-based gaming company plans to allocate $100M for crypto in their treasury, while China and UAE are reportedly negotiating a CBDC deal.
Published At
1/20/2024 4:03:43 PM
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