coinculture.com
Republican lawmakers have once again introduced legislation aimed at blocking the introduction of a central bank digital currency (CBDC) in the United States, citing concerns over potential infringements on personal privacy. Led by U.S. Sen. Ted Cruz (R-Texas), a group including Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Mike Braun (R-Ind.) filed a bill titled “The CBDC Anti-Surveillance State Act.”
In a statement on his website, Cruz expressed apprehensions about the Biden administration’s interest in implementing a CBDC, suggesting it could lead to unwarranted surveillance of citizens’ spending habits. The legislation seeks to clarify that the Federal Reserve lacks the authority to roll out a CBDC.
While CBDCs have emerged as a topic of discussion in presidential campaigns, President Joe Biden’s administration has not made any official stance on the matter. The Federal Reserve, which would oversee the issuance of a CBDC, is still in the early research phase. Fed Vice Chairman for Supervision Michael Bar has emphasised that any advancement in this area would require approval from the White House and authorization from Congress.
Former President Donald Trump, a leading figure in the Republican Party, has pledged to prohibit the creation of a CBDC. In contrast, in September 2023, Democratic Rep. Stephen Lynch (D-Mass.) reintroduced a bill advocating for a digital dollar pilot, citing the global trend of other countries, including Russia and China, exploring CBDCs.
Republican efforts to prevent the implementation of a CBDC have been ongoing, with previous bills such as the Digital Dollar Pilot Prevention Act proposed by Rep. Alex Mooney (R-W.V.), Rep. Tom Emmer’s (MN-06) CBDC Anti-Surveillance State Act, and Sen. Ted Cruz’s earlier legislation opposing a CBDC.