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The “CBDC Anti-Surveillance State Act,” which aims to stop the Federal Reserve from creating a digital currency, has been approved by the House Financial Services Committee.
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The CBDC Anti-Surveillance State Act, which aims to stop “unelected bureaucrats in Washington” from creating a central bank digital currency (CBDC), has made progress by passing the House Financial Services Committee.
Representative Tom Emmer, who authored the bill, announced that it has been approved by the committee and is now headed for a congressional vote. He highlighted that the bill already has the support of 60 members of Congress.
Emmer restated his concerns about government control over money and how it goes against American principles. He warned that a central bank digital currency (CBDC) could turn into a surveillance tool, similar to what the Chinese Communist Party uses.
Emmer, along with 49 co-sponsors, reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives on September 14, following its initial introduction in February 2023.
The bill includes provisions that prevent the Federal Reserve from distributing CBDCs to the public and using CBDCs for monetary policies. Emmer mentioned that digital assets are an important but often overlooked topic in U.S. politics, at both the state and national levels.
He mentioned that there is a gap between generations in the United States where people might resist rules that could limit digital activities and, by doing that, reveal lawmakers who don’t understand technology well.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.