In a bold move to preserve the integrity of the American digital economy, the CBDC Anti-Surveillance Act has achieved a significant milestone. With its clear stance against allowing central bank digital currencies (CBDCs) as a potential instrument for governmental oversight, the bill underscores the essence of American values.
A Swift Progression
Recently, the House Financial Services Committee approved the CBDC Anti-Surveillance Act. Following this approval, Representative Tom Emmer, the mind behind the bill, announced on September 20th that it had been favorably reported to the House floor. The subsequent phase? A decisive congressional vote.
One of the striking highlights of this legislation is its strong backing. A commendable count of 60 Congress members has already thrown their weight behind the Act. With such robust support, the bill’s prospects look promising.
Delving into the motivations behind the legislation, Emmer passionately articulates the inherent threats of a state-controlled currency. He asserts, “The global digital economy’s bedrock should be founded on American values. Only when a CBDC is open, permissionless, and mirrors the privacy of cash, can it be deemed valid.
Otherwise, it transforms into a surveillance mechanism, eerily reminiscent of tactics employed by the Chinese Communist Party, undermining the cherished American way of life.”
Historical Timeline of the CBDC Anti-Surveillance Act
This isn’t the first time the CBDC Anti-Surveillance Act has made its presence felt in Congress. Initially introduced in February 2023, the bill resurfaced with the support of 49 original co-sponsors on September 14th. That manifested Emmer’s persistent efforts to champion the cause.
At its core, the bill’s provisions are explicit and uncompromising. It categorically denies the Federal Reserve the authority to release a CBDC to individuals. Furthermore, it lays down a clear prohibition, restricting the Fed from leveraging any CBDC in the orchestration of monetary policy.
As the CBDC Anti-Surveillance Act navigates its procedural journey, its unwavering commitment to safeguarding the essence of American values in the burgeoning digital economy becomes clear.
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