Republican

Reserve

United

Jerome Powell

There is still hope for the bill passed by the North Carolina General Assembly banning the American state from testing or accepting a United States central bank digital currency (CBDC) after the state House of Representatives overturned the governor’s veto. If the state Senate follows suit, the bill will go into force.
The bill <a href="https://cointelegraph.com/news/north-carolina-cbdc-ban-bill-heads-to-governor">passed both chambers</a> of the state legislature in overwhelming bipartisan votes on June 26. The state’s General Assembly is dominated by the Republican party, which has shown strong opposition on the state and national levels to the introduction of a US CBDC. The veto override has already been <a href="https://www.ncleg.gov/BillLookUp/2023/H690" target="_blank" rel="noopener nofollow">passed</a> to the Senate Committee on Rules. 
<h2 id="more-support-for-the-ban-than-the-override">More support for the ban than the override</h2>
Democratic Governor Roy Cooper <a href="https://cointelegraph.com/news/north-carolina-governor-vetoes-cbdc-ban-bill">vetoed the bill</a> on July 5. Only two Democratic lawmakers voted in favor of overturning the veto, while 40 reversed their stance in the passage of the bill. Cooper <a href="https://webservices.ncleg.gov/ViewBillDocument/2023/9411/0/H690-BD-NBC-12421" target="_blank" rel="noopener nofollow">wrote</a> in his veto:
<blockquote data-ct-non-breakable="true">
 "This legislation is premature, vague and reactionary and proposes an end result on important monetary decisions that haven’t even been made yet.” 
</blockquote>
State Representative Mary Belk, who voted against the legislation and the override of the veto, <a href="https://ncnewsline.com/briefs/nc-house-overrides-three-gubernatorial-vetoes-senate-prospects-unclear/" target="_blank" rel="noopener nofollow">said</a>, “There’s enough space in the digital economy for everyone. There’s no reason to limit our choices before we know what they are.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/dd7f62c2-9357-44d7-ae8f-4caee4253f34.png" alt="North Carolina lower chamber overturns governor’s veto of CBDC ban" title="">
 <figcaption style="text-align: center;">
 The North Carolina CBDC bill. Source: The North Carolina Legislature
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/north-carolina-house-passes-bill-to-study-bitcoin-hodling">North Carolina House passes bill to commission study on holding Bitcoin</a>
<h3 data-ct-non-breakable="true" id="surging-state-opposition-to-a-us-cbdc">Surging state opposition to a US CBDC</h3>
North Carolina is only one of a number of American states <a href="https://cointelegraph.com/news/us-senate-bills-exclude-cbdcs-money-definition">seeking to block the introduction</a> of a US CBDC. The other states include Utah, South Carolina, South Dakota, Tennessee, Florida and <a href="https://cointelegraph.com/news/louisiana-crypto-law-protects-node-operators-bans-cbdc">Louisiana</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/d9168791-f0b2-4520-b0fa-7be2631b51e3.png" alt="North Carolina lower chamber overturns governor’s veto of CBDC ban" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/NCHouseSpeaker/status/1817371414220902632" target="_blank" rel="noopener nofollow">Tim Moore</a>
 </figcaption>
</figure>
United States Federal Reserve Chair Jerome Powell <a href="https://www.americanbanker.com/news/feds-powell-nothing-new-going-on-with-cbdc" target="_blank" rel="noopener nofollow">stated</a> after the Federal Open Market Committee meeting on July 31 that “there’s really nothing new going on at all” with a US CBDC, which has <a href="https://cointelegraph.com/news/mit-boston-fed-give-digital-dollar-cbdc-a-modest-test-run">been the subject of research</a> by the Fed. The Fed has stated repeatedly that it would not introduce a CBDC without a Congressional mandate.
Despite the Fed’s assurances, the US House of Representatives <a href="https://cointelegraph.com/news/cbdc-anti-surveillance-state-act-passes-house">passed the CBDC Anti-Surveillance State Act</a> in May. A companion bill has been <a href="https://www.congress.gov/bill/118th-congress/senate-bill/3801/all-actions?overview=closed#tabs" target="_blank" rel="noopener nofollow">introduced</a> to the Senate by Senator Ted Cruz.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-voters-are-already-affecting-the-2024-presidential-election/">Crypto voters are already disrupting the 2024 election — and it’s set to continue</a>

North Carolina lower chamber overturns governor’s veto of CBDC ban

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