- US lawmaker Tom Emmer has introduced a bill seeking to halt CBDCs by the Federal Reserve.
- The legislator expects the proposed law to protect American rights to financial privacy.
US Congressman and House Majority Whip Tom Emmer seeks to block the Federal Reserve from launching a central bank digital currency (CBDC). Emmer says he introduced the bill, dubbed “CBDC Anti-Surveillance State Act,” to protect American citizens’ right to their financial privacy. If passed into law, the draft will prohibit the country’s central bank from issuing CBDCs “directly to anyone.”
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Emmer commented on the latest bill: “any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness.” The Congressman believes anything less leaves loopholes for a “dangerous surveillance tool.” The proposed law now awaits the House of Representatives and Senate members for approval. It will reportedly limit Fed’s authority regarding CBDCs if passed into law.
Commenting on the legislative plan, the Minnesota Congressman added that the Fed should be transparent on the CBDC project if the bill becomes law. As such, the agency must brief Congress quarterly on CBDC pilots.
Emmer’s bill is a step in the right direction, crypto enthusiasts say
Crypto enthusiasts have praised Emmer’s proposed law. Taking to Twitter to laud his initiative, many respondents cited the need to preserve privacy in supporting the legislation. The crypto community also considers Emmer a friendly legislator to the crypto space. He has in the past called for fewer US regulations on digital assets to enhance innovations in the sector.
Besides, Emmer has been quite vocal in curtailing Fed’s efforts in launching CBDCs, as this is the second time he has introduced a bill on the digital dollar. In January 2022, the legislator brought a similar bill to the House. In the previous bill, the lawmaker said that a digital dollar must be accessible to everyone while keeping the fiat privacy features.
The proposed law now adds twists and turns to the much-expected digital dollar. Fed chair Jerome Powell recently indicated a CBDC would ensure the US dollar’s global dominance. Different players, including those in the banking sector, also view a CBDC as ideal in countering the dominance of other digital assets such as Bitcoin.
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