Republican

Reserve

Donald Trump

Jerome Powell

Former US President Donald Trump’s Republican Party has vowed to end what it called the Democratic Party’s “unlawful and unAmerican” crackdown on the crypto industry if it wins November’s elections.
“Republicans will end Democrats’ unlawful and unAmerican <a href="https://insidebitcoins.com/news/winklevoss-brothers-donate-2-million-to-donald-trump-campaign-say-biden-is-weaponizing-sec-against-crypto" rel="noopener noreferrer nofollow">Crypto crackdown</a> and oppose the creation of a Central Bank Digital Currency,” said the Republican National Committee in a <a href="https://www.gop.com/press-release/icymi-rnc-platform-committee-adopts-2024-republican-party-platform/" rel="noopener noreferrer nofollow">document</a>&nbsp;that outlines its policy platform. “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets.”
<img decoding="async" src="https://paytmblogcdn.paytm.com/wp-content/uploads/2022/12/Blog_Paytm_What-is-Central-Bank-Digital-Currency-CBDC.jpg" alt="Central Bank Digital Currency (CBDC): Meaning &amp; How Does it Work?">
<h2 id="span-style-font-weight-400-republicans-see-crypto-as-an-innovative-industry-oppose-cbdc-span">Republicans See Crypto As An Innovative Industry, Oppose CBDC</h2>
The announcement mentioning the committee’s new platform highlighted the top 20 policy “promises.” Digital assets were listed under innovation initiatives in the economy section.
Throughout the 2024 campaign, opposition to central bank digital currencies (CBDCs) has been a focal point for Trump and other Republicans. Jurisdictions such as China and Europe have started to pursue the idea of a government-backed digital token, while in the US it remains in the research phase.
One of the reasons that the US is falling behind when it comes to the implementation of a CBDC is the fear that a government-based token could be used as a surveillance tool.&nbsp;
<h2 id="span-style-font-weight-400-federal-reserve-says-us-nowhere-near-adopting-a-government-backed-digital-token-span">Federal Reserve Says US “Nowhere Near” Adopting A Government-Backed Digital Token</h2>
Democrats are eager to proceed out of the research phase, but Republicans argued in the document that citizens should be able to “transact free from Government Surveillance and Control.”&nbsp;
Government officials and Federal Reserve Chair Jerome Powell have said that control of such a theoretical digital token would lie with members of the banking system, and not the government.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 NEW 🇺🇸 – Fed Chair Jerome Powell reaffirms to Senator Lummis that the Fed cannot introduce a CBDC without approval from Congress.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/sT2Tftm9qF" rel="noopener noreferrer nofollow">pic.twitter.com/sT2Tftm9qF</a>
 — Swan (@Swan) <a href="https://twitter.com/Swan/status/1765819701194539459?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Officials from the Federal Reserve have also said that a <a href="https://insidebitcoins.com/news/donald-trump-vows-to-stop-cbdc-creation-in-u-s-calls-it-dangerous-threat-to-freedom" rel="noopener noreferrer nofollow">CBDC</a> will not be rolled out and adopted prior to receiving the necessary approval from Congress and the White House.&nbsp;
In March, Powell <a href="https://www.banking.senate.gov/hearings/02/29/2024/the-semiannual-monetary-policy-report-to-the-congress" rel="noopener noreferrer nofollow">told</a> the Senate Banking Committee in a hearing that the Federal Reserve is “nowhere near recommending – or let alone adopting – a central bank digital currency in any form.” He added that “people don’t need to worry about it.”
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3>
<ul>
 <li style="font-weight: 400;"><a href="https://www.linkedin.com/pulse/best-altcoins-invest-unveiling-top-picks-maximum-returns-calsona-9ceye/" rel="noopener noreferrer nofollow">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!</a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/meme-coin-pepe-unchained-rockets-past-2-75-million-in-presale-defying-market-slump" rel="noopener noreferrer nofollow">Meme Coin Pepe Unchained Rockets Past $2.75 Million In Presale, Defying Market Slump</a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/bitcoin-nft-wallet-xverse-joins-magic-eden-to-let-its-users-list-runes-in-app" rel="noopener noreferrer nofollow">Bitcoin NFT Wallet Xverse Joins Magic Eden To Let Its Users List Runes In App</a></li>
</ul>

Republicans Under Donald Trump Vow to End ”Unlawful And UnAmerican Crypto Crackdown” By Democrats

Table of Contents

Inside Bitcoins

Egyéb ezen a dátumon (2024. júl. 9.) megosztott cikkek

Ethereum Price Stagnates At $3100 As Spot ETF Gets Postponed

Bitcoin Mining Is Now As Easy As It Was In 2022

Web3 Security Report: Attackers Target Centralized Exchanges as DeFi Protocols Strengthen For Q2 ...

MoonBag Emerges as the Best Meme Coin Presale, Dominating ChainGPT and Ondo

Consensys Launches MetaMask Delegation Toolkit for Enhanced Blockchain Development!

Goldsky Integrates IOTA EVM

Join our free newsletter for daily crypto updates!