With the CBDC Anti-Surveillance Act, Congress takes a move to limit Washington’s authority over the central bank’s digital currency.
The ‘CBDC Anti-Surveillance State Act,’ which seeks to prevent the influence of unelected Washington bureaucrats in the issuance of a central bank digital currency (CBDC), has made significant progress in the legislative process. An important hurdle was overcome when it was approved by the House Financial Services Committee.
On September 20, the bill’s sponsor, Representative Tom Emmer, announced in a press release that the ‘CBDC Anti-Surveillance State Act’ had passed the committee and been given a positive report for presentation on the House floor. This clears the way for a vote in the House or Senate very soon.
Approximately sixty members of Congress, as highlighted by Representative Emmer, have expressed their support for the measure. Emmer spoke again about the dangers of governmental control over money and how it conflicts with fundamental American values in his remarks about the committee’s conclusion.
The Federal Reserve is prohibited from issuing CBDCs to the general public, and the use of any CBDC in the conduct of monetary policy is also outlawed under this all-encompassing statute. According to Emmer, digital assets are a “sleeper issue” that affects both state and federal governments in the United States.
Emmer claims that a generational divide exists in the United States, causing individuals to oppose legislation that might impede the development of the Internet and expose politicians’ lack of technical knowledge.
Also Read: Elon Musk Considers Subscription Fees For All X Users To Fight Bots
Wallets