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US Congressman Warren Davidson, in a tweet on July 23, accused the Federal Reserve of building the “Death Star” and turning CBDCs into a tool for oppression and control. He stated, “Congress should immediately ban and criminalize any efforts to design, build, develop, test, or create a CBDC.” Davidson’s statement came in response to the San Francisco Fed’s job listing for an experienced cryptocurrency developer to work on a CBDC project.
Responding to a Twitter user’s comment, Davidson argued that money should be a stable store of value and should not be programmable by a central authority. He added, “Strong money should facilitate peer-to-peer transactions without requiring surveillance.”
The Fed has been actively researching a digital dollar for some time, but has yet to make a decision on whether to issue one. The digital version of the US dollar has sparked debates in the country and is expected to be a significant topic of discussion in the upcoming presidential elections.
Prominent Congress Members Oppose CBDCs
Congressman Davidson is not the only one expressing concerns about a potential digital dollar under full control of the Fed. On July 14, US presidential candidate and Florida Governor Ron DeSantis stated that he would cancel plans for a central bank digital currency if elected president. DeSantis had previously signed a bill in May banning the use of CBDCs in the state.
Republican Tom Emmer also issued a warning about government-controlled digital currency. In March, Emmer stated that a programmable CBDC could easily be weaponized as a surveillance tool to end unpopular activities. In February, Emmer introduced the CBDC Accountability Act in Washington, DC, to stop unelected bureaucrats from taking away Americans’ financial privacy rights. The bill received support from Texas Senator Ted Cruz, who introduced his own bill to ban CBDCs in March.