The U.S. House of Representatives voted on May 23 for the Republican CBDC Anti-Tracking State Act (H.R.5403), which would block the Federal Reserve from creating or promoting a government-backed digital currency (CBDC).
Republican Majority Whip Tom Emmer, who proposed these policies, stated that a central bank digital currency (CBDC) issued by the Fed would have devastating effects on American monetary privacy.
Designed for retail or wholesale use, CBDCs are a digital form of national fiat currency and are controlled by the national central bank. The House of Representatives approved Congressman Emmer's proposal to ban such digital currencies altogether and received broad support.
Also passed were amendments restricting the Federal Reserve from launching CBDC research projects and pilots. GOP lawmakers noted that the previously agreed-upon âProject Hamiltonâ was a clear example of avoiding congressional oversight.
Rep. "My Legislature ensures that the American people have control over U.S. digital currency policy so that digital currency development reflects our values ââof privacy, individual sovereignty, and free market competition," Emmer said in a statement after the vote.
Support for the CBDC Anti-Surveillance Act has come from both political opponents of building a digital currency system. On May 22, the House of Representatives also passed the FIT21 Act, the Financial Innovation and Technology for the 21st Century Act.
Clarifying crypto oversight shared between the U.S. SEC and the Commodity Futures Trading Commission (CFTC), the FIT21 Act places digital commodity marketsâincluding exchanges and brokersâunder the CFTC's supervision.
Both bills will head to the Senate for additional hearings and possible mark-ups as crypto supporters defend the legislative policies in the run-up to the US presidential election.
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