coinspress.com
During a recent press conference, Congressman Tom Emmer, the US House Majority Whip, emphasized the House Republicans' commitment to American promises, particularly regarding Central Bank digital currencies (CBDCs).
He reintroduced the Central Bank Digital Currency Anti-Surveillance Act to ensure that US digital currency policies prioritize privacy, fair market competition, and individual sovereignty. Emmer expressed concerns about the potential erosion of financial privacy by the Biden administration’s CBDC proposal, cautioning against a system resembling China’s surveillance tools.
The reintroduced bill opposes the Federal Reserve’s digital dollar plans, receiving support from 49 congressional Republicans. Notably, it now bars “intermediated CBDCs,” modeled after China’s digital yuan, where retail banks manage CBDCs.
Additionally, the requirement for the Federal Reserve to report CBDC pilot programs to Congress has been removed; these matters will be addressed in separate bills.
Similar anti-CBDC legislation has surfaced in the Senate, including the No CBDC Act and a bill by Ted Cruz. This highlights the ongoing debate about CBDC implementation in the United States.
While proponents argue for efficiency and financial inclusion, critics like Emmer stress the need to balance these benefits with individual privacy and free market principles.
In summary, Congressman Emmer and House Republicans are dedicated to preserving American values in CBDC development, addressing concerns about privacy and surveillance.
The reintroduced bill, now streamlined and garnering significant support, takes a firm stance against intermediated CBDCs and congressional reporting, reflecting broader Senate discussions on CBDCs’ role in the American financial landscape.