US Congressman Emmer Takes a Stand Against CBDCs and Proposes Ban

US Congressman Tom Emmer has proposed legislation that would prohibit the Federal Reserve from developing a Central Bank Digital Currency (CBDC). Named the Central Bank Digital Currency Anti-surveillance State Act, this bill aims to keep in check any unchecked power from unelected officials. It also seeks to ensure that any US digital currency policy respects the principles of privacy, individual rights, and the free market.

Emmer clearly stated, “A CBDC should be private, open, and permissionless, just like cash. Otherwise, it could become a tool similar to the CCP’s surveillance methods, threatening our way of life.”

The subject of CBDCs has gained momentum globally, with numerous countries exploring or already in the process of launching their versions. The US, however, remains somewhat ambivalent about the idea and the broader cryptocurrency industry.

Emmer’s concerns lie primarily in safeguarding Americans’ financial privacy. He critiques the administrative approach, suggesting that a CBDC might allow comprehensive access to the financial details of US citizens, which isn’t the case with the traditional US Dollar. The fate of this bill and whether it will swiftly become law remains uncertain.

In a related development, Michael Barr, the Federal Reserve’s Vice Chair for Supervision, has indicated that the US isn’t in a rush to introduce a CBDC. According to him, the Central Bank is still some distance from making a decision on this matter. Despite this, the Federal Reserve continues its study into CBDCs by releasing public research papers, running tech trials, and launching small-scale pilot projects. Thus, while the introduction of a US CBDC isn’t imminent, it remains a topic of consideration.

Earlier this week, Emmer introduced an amendment to existing law to limit the US Securities and Exchange Commission’s spending on cryptocurrency regulations, and thereby limiting Gary Gensler’s powers