Reserve

2024

Block

The CBDC Anti-Surveillance State Act sponsored by Rep. Tom Emmer (R-Minn. ) was approved in the U. S. House of Representatives with 216 votes to 192. 
Sponsored mainly by Republicans, the bill seeks to prohibit the Federal Reserve from creating a CBDC that is directly accessible to the public due to issues of financial monitoring and privacy. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 US Anti CBDC bill passes House 216 Yea 192 Nay in its first vote. Note: Every Democratic Representative voted for a Federal Currency. Not one disagrees. The Federal Reserve cannot create a CBDC. Bullish for <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDC</a>. <a href="https://t.co/or8XQKOd0v" target="_blank">pic.twitter.com/or8XQKOd0v</a>— MartyParty (@martypartymusic) <a href="https://twitter.com/martypartymusic/status/1793708122433008021?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 23, 2024</a>
 </blockquote> 
 </div>
</figure> 
Concerns Over Financial Privacy 
The legislation is a sign of increasing concern among the lawmakers, in relation to the possible expansion of the government interference in people’s financial transactions through CBDCs. Emmer, who led the bill, stressed the need for protecting Americans from a “government-controlled programmable money” system that threatens privacy. 
Nevertheless, the bill has been passed in the House but it is expected to face a tough time in the Senate where the Democrats have a majority. 
Jerome Powell, The Fed Chair,&nbsp; has made it clear that the Federal Reserve is far from adopting a CBDC, and any implementations would retain the traditional banking system. The Fed’s position is in response to the growing discussions on the impacts of digital currencies on national and international economies. 
As debates go on, the advancement of the bill to this stage is a turning point in the U. S. legislative framework of new generation digital currencies, which clearly demonstrates the dilemma that legislators face between the desire to foster innovation and the need to protect the rights of individuals to privacy. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/17/swifts-wen-yang-discusses-cbdc-system-interoperability/" target="_blank" rel="noreferrer noopener">SWIFT’s Wen Yang Discusses CBDC System Interoperability</a> 
</blockquote>

U. S. House Passes Bill to Block Public CBDC Amid Privacy Concerns

The Crypto Times

Other articles published on May 23, 2024

SEC Approves Spot Ethereum ETF

Breaking: US SEC Approves 8 Spot Ethereum ETF

Top Meme Coins Picks Staging The Next 10x Surge

3 Memecoins to Watch for Major Gains

Pelosi Considers Backing GOP-Led Crypto Bill FIT21, Amid Democratic Division and Industry Support

Jasmy Coin Prediction: Is Jasmy on the Verge of a Breakout?

Join our free newsletter for daily crypto updates!