The legislators in the United States have advanced a bill against the establishment of a digital currency of the Central Bank.
On April 2, the US House Financial Services Committee passed The CBDC Anti-Surveillance State Act (HR 1919) in a vote of 27-22.
The bill, introduced by Minnesota representative Tom Emmer, wants to prevent the Federal Reserve from spending or managing a digital dollar. It also blocks the FED of rolling out a CBDC through intermediaries or using it as a tool for monetary policy.
Proponents claim that a digital currency controlled by the government can lead to more financial supervision and giving the government too much control over personal expenses.
Emmer, an old critic of CBDCS, warned that such a system could be a form of “programmable money” with the potential to limit unpopular activities and follow transactions in real time.
‘[…] A CBDC has been the government -controlled programmable money that, if designed without privacy protection of cash, could give the federal government a one -sided authority to investigate the transactions of Americans and to limit political unpopular activity, “Emmer said in a 3 April press release.
Backing for the Bill comes from 114 co-sponsors and groups such as the American Bankers Association and the Blockchain Association. The effort is also linked to a former presidential executive order that aimed to fully block CBDC development.
During a television on television of the Oval Office on January 23, former President Donald Trump unveiled an executive order that forbade the development and use of a US CBDC and proposed a federal working group to draw up Stablecoin instructions, in accordance with his campaign depression to block CBDCs again.
Emmer previously introduced his anti-CBDC bill, HR 5403, in 2023. It knew both the House Financial Services Committee as a full vote in 2024, but never reached a senate voice before the 118th congress was postponed in January.
The congress currently weighs two other stabile-related accounts. On 2 April, the House Financial Services Committee approved the Stablecoin transparency and accountability for a Better Ledger Economy Act in a vote of 32-17. The aim of the bill is to bring clearer rules for the Stablecoin room, including popular USD-steered tokens such as USDT and USDC.
In the Senate, the Genius Act also revised the Genius Act, introduced by Senator Bill Hagerty. The proposal outlines a federal framework for stablecoin, with areas such as licenses, reserves, audits and transparency. It recently went through the Senate bank committee with a vote of 18-6.
