Digital assets will be ‘sleeper issue in the 2024 election, according to Representative Tom Emmer
In their bids for the 2024 presidential election, three hopefuls from both major parties have spoken out against CBDC.
Emmer told Cointelegraph on September 11 at the Permissionless II conference in Austin, Texas, that some 2024 contenders for government may misunderstand the relevance of problems surrounding crypto and blockchain. He mentioned government regulation of CBDCs (central bank digital currency) and financial privacy issues.
Emmer argues that the United States generational split provides an opportunity for citizens to speak out against legislation that might stifle innovation in the digital realm and “flush out” politicians who are unable to adapt to changing technology realities. In the 2024 U.S. presidential election, at least three contenders from both major parties have taken a stance on CBDCs.
Republican Ron DeSantis of Florida, who is now running second in the polls behind former president Donald Trump, pledged in July to outlaw CBDCs throughout the United States if elected. Florida legislation limiting the use of federally issued digital dollars in the state was signed into law by him in May. Democratic longshot Robert F. Kennedy Jr. and Republican longshot Vivek Ramaswamy have both spoken out against CBDCs.
Emmer has presented new legislation to restrict the Federal Reserve’s ability to issue CBDCs in the United States. He has also supported an amendment to the Securities and Exchange Commission’s funding that might weaken the SEC’s capacity to take proceedings against cryptocurrency businesses.
In a markup session scheduled on September 20th, the House Committee on Financial Services will discuss the Digital Dollar Pilot Prevention Act, which would prevent the Federal Reserve from launching CBDC pilot projects without first receiving authorization from Congress. For the first time since Congress took its August break, CBDCs were the subject of a hearing on September 14.