The CBDC Anti-Surveillance State Act, sponsored by Congressman Tom Emmer, has been successfully passed by the House of Representatives. This legislation prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) that focuses on surveillance. Emmer emphasized that the bill is designed to safeguard American values of privacy and individual sovereignty, preventing potential government intrusion.
The House's approval of the CBDC Anti-Surveillance State Act comes after the landmark passage of the FIT21 Act, a significant crypto bill. Majority Whip Tom Emmer (R-MN) took to social media platform X to announce the news, stating, "The House of Representatives just passed our CBDC Anti-Surveillance State Act... Over the past two years, we have dedicated ourselves to educating others, garnering support, and enacting this critical legislation. It prevents unelected bureaucrats from introducing a financial surveillance tool that undermines our fundamental American values." Emmer further explained that the legislation ensures the United States maintains control over its digital currency policy, aligning with principles of privacy, individual sovereignty, and free market competitiveness.
Rep. Emmer elaborated on the purpose of the bill during his speech on the House Floor before the vote. He stated, "This bill is straightforward: it puts a stop to the Biden administration's attempt to introduce a financial surveillance tool that, if mishandled, would significantly impact the lives of every American." Emmer stressed the importance of any digital currency developed adhering to the core principles of cash. He emphasized that a government-issued digital currency must be open, permissionless, and private, unlike the Chinese digital yuan, which is used to create social credit scores based on citizens' purchases and behavior. Emmer highlighted that such tools have no place in a free society like the United States, and any digital currency must be consistent with American values. He concluded, "This bill marks the first legislative effort in the United States against a central bank digital currency."
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