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<ul><li>Legal experts challenge Florida’s CBDC ban as ineffective and misguided.</li><li>Governor DeSantis’ fears of CBDCs are based on misinterpretation.</li><li>Florida’s UCC-based approach hinders progress in the digital assets sector.</li></ul>In a recent development, legal experts expressed worries over Florida’s move to outlaw central bank digital currencies (CBDCs), questioning their usefulness and possible damage to the digital asset market. Despite Governor Ron DeSantis’s rhetoric that the restriction safeguards against government overreach and corporate surveillance, legal academics believe the bill fails to fulfill its stated goals.The Florida statute, signed by Governor DeSantis on May 12, ostensibly restricts using a federally adopted CBDC by removing it from the definition of money in Florida’s Uniform Commercial Code (UCC).However, legal experts contend that the statute does not technically prohibit CBDC usage in interstate commerce but rather classifies these assets as “general intangibles” under the UCC. Carla Reyes, an assistant professor at Southern Methodist University’s Dedman School of Law, emphasizes that the UCC has no authority to prohibit anyone from engaging in commerce.<h3 id="desantis-motives-and-misinterpretation-of-cbdcs-are-being-scrutinized">DeSantis’ Motives and Misinterpretation of CBDCs are Being Scrutinized</h3>Governor DeSantis’ resistance to CBDCs stems from his worries about a perceived power shift from individual customers to a central body. He claims that a digital currency would give the federal government enormous control over financial activities, perhaps leading to limitations on purchases such as weapons or fuel. Despite DeSantis’ statements, neither the US government nor any federal agency has formally declared an intention to issue a CBDC.For the Federal Reserve to continue, the White House and Congress must both approve the implementation of the digital dollar. Furthermore, the Fed has no intention of being directly engaged in the retail CBDC industry, preferring to depend on banks and external digital wallets for transaction management.Legal analysts argue that any future federal regulation on CBDCs would automatically overrule state law, leaving Florida’s prohibition moot. While DeSantis admits this possibility, it is worth noting that the Florida statute offers little substance to override in the first place since it simply puts CBDCs in a new category under the UCC.Continue to read<a href="https://thenewscrypto.com/legal-experts-slam-floridas-cbdc-ban-as-ineffective-and-misguided/" rel="noopener noreferrer nofollow"> &#64;TheNewsCrypto</a>

Legal Experts Slam Florida’s CBDC Ban as Ineffective and Misguided

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