EddieJayonCrypto
4 Apr 25
The CBDC Anti-Surveillance State Act, sponsored by Rep. Tom Emmer, has passed the US House Financial Services Committee with a 27-22 vote. The bill aims to prevent the Federal Reserve from issuing a digital dollar, citing concerns over financial surveillance and the transformation of the central ban...
The CBDC Anti-Surveillance State Act, led by Rep. Tom Emmer, has passed the US House Financial Services Committee with a 27-22 vote. The bill aims to prevent the Federal Reserve from issuing a digital dollar, citing concerns over financial surveillance and government control. It also prohibits the Fed from indirectly deploying a CBDC through intermediaries and using digital currency for monetary policy.
Emmer and other critics warn about potential surveillance and programmable features of a government-issued digital currency, viewing it as a threat to financial control and privacy. This opposition signals growing momentum among privacy advocates and crypto-friendly lawmakers. Unlike decentralized cryptocurrencies like Bitcoin, a CBDC is a digital form of sovereign currency that is issued, monitored, and managed by a central bank. Critics argue that it could open the door to surveillance of how citizens spend their money and programmable features that could restrict spending.
Emmer has emphasized that a CBDC can give the federal government unilateral authority to surveil Americans’ transactions and restrict politically unpopular activity. The bill marks a Republican-led effort to prevent the creation of a US central bank digital currency and has garnered support from privacy hawks and crypto-friendly lawmakers who view a digital dollar as a Trojan horse for financial control.
This legislation represents a significant step in the ongoing debate over digital currencies and government control, as lawmakers grapple with the potential implications of introducing a government-issued digital currency.