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CBDC Anti-Surveillance State Act Advances as House Financial Services Committee Gives Approval

The CBDC Anti-Surveillance State Act, aiming to limit a Federal Reserve-issued digital currency, progresses to a congressional vote following committee approval.

Sun, 24 Sep 2023, 03:06 am UTC

The House Financial Services Committee recently gave its nod to a legislative effort known as the CBDC Anti-Surveillance State Act. This development propels the legislation, designed to thwart the potential issuance of a central bank digital currency (CBDC) by the Federal Reserve, closer to an impending congressional vote.

The bill was crafted and introduced by Representative Tom Emmer, and as of September 20, it was reported that it had successfully made its way out of the committee and will soon be presented before the entire House for voting.

The legislation has garnered the support of 60 congressional members, as reported by Emmer. The essence of Emmer's argument lies in preserving American principles. He's vocally cautioned against state-regulated digital currencies, equating them to instruments reminiscent of the surveillance tools the Chinese Communist Party utilizes. Such currencies, he believes, might jeopardize the principles that America stands for.

A notable aspect of this act is its history and bipartisan backing. It wasn’t the first time it was presented in Congress; Emmer, alongside 49 other co-sponsors, had originally launched it on September 14. The bill's origins trace back to February 2023 when it made its debut in the legislative arena.

Key features of the act encompass prohibiting the Federal Reserve from releasing a CBDC to the general public. Furthermore, the Federal Reserve is restricted from using the CBDC as an instrument for steering monetary strategies.

Delving deeper into the broader context, Emmer labeled digital currencies as a topic flying under the radar in American politics. He pinpointed a generational chasm, suggesting younger Americans might resist regulations stifling the digital realm. Emmer voiced concerns over such laws, hinting they could lead to sidelining lawmakers who lack technological know-how.

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