The US House of Representatives voted largely along party lines to block the Federal Reserve from issuing a central bank digital currency (CBDC).

The Anti-CBDC Oversight Act, introduced by Majority Whip Tom Emmer (R-Minn.), aims to block the U.S. central bank from continuing its efforts to develop a digital dollar. Republicans expressed concern that US CBDCs could be used to control the American people.

In debate before Thursday's vote, Democrats said the concerns were overblown and that the ban would stifle public-sector innovation and research. In total, 213 Republicans and three Democrats voted for the bill, while 192 Democrats voted against it.

Thursday's vote was a far cry from the vote a day earlier, when 71 Democrats joined 208 Republicans to vote for the 21st Century Financial and Technology Innovation Act ( FIT21), a cryptocurrency market structure bill that would give the U.S. Commodity Futures Trading Commission more authority over the spot market of digital assets and clarify the approach of a regulatory body. America's other major market regulator, the Securities and Exchange Commission.

Industry members welcomed Wednesday's vote, the first for a bill focused solely on cryptocurrency market issues, as a sign that the sector is finally on track. recognized as important.

“The passage of FIT21 by the House of Representatives is a groundbreaking moment and a sign of congressional confirmation of the cryptocurrency industry in the United States,” said Kristin Smith, head of the Blockchain Association, a group industry lobby, said.

Nicole Valentine, director of FinTech at the Milken Institute, also called the passage “a welcome step.”

However, both the market structure bill and the anti-CBDC bill appear to be facing a similar fate in the Senate – going nowhere – as half of Congress does not have a partner for any part of the bill. this law.

*CBDC stands for “Central Bank Digital Currency”. This is a form of digital money issued and managed by a central bank, similar to cash but exists in digital form. CBDC helps increase speed of payments, reduce fraud risk, and support financial inclusion. CBDC also brings more control and transparency over currency circulation.

Source: https://tapchibitcoin.io/ha-vien-hoa-ky-thong-qua-du-luat-cam-cuc-du-tru-lien-bang-phat-hanh-cbdc.html