CBDC

Senate Majority Whip Reintroduces Bill to Block Federal Reserve's CBDC

The CBDC Anti-Surveillance State Act may prevent the Fed from creating a Central Bank Digital Currency
By
Colin Aulds
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Colin Aulds is a founder at 10NetZero, a off-grid Bitcoin mining company. He is also the former VP and founder at Billfodl, a Bitcoin wallet backup company, as well as PrivacyPros.io, a blog dedicated to helping every day people increase their privacy online. He earned his Bachelor of Business Administration from Belmont University in 2011.

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      September 13, 2023

Senate Majority Whip Reintroduces Bill to Block Federal Reserve's CBDC

Senate Majority Whip Tom Emmer has reintroduced the CBDC Anti-Surveillance State Act, a legislative effort aimed at preventing the Federal Reserve from creating a Central Bank Digital Currency (CBDC).

Key Takeaways

  • Senate Majority Whip Tom Emmer reintroduces the CBDC Anti-Surveillance State Act to prevent the Federal Reserve from creating a Central Bank Digital Currency (CBDC).
  • The bill aims to safeguard financial privacy and individual sovereignty.
  • Despite support from 50 original Republican co-sponsors and organizations, the bill faces significant challenges in getting enough votes for approval.

Big Crypto Brother

The bill is motivated by concerns over the potential for government surveillance through the use of CBDCs and seeks to ensure that any digital currency issued by the Federal Reserve upholds the financial privacy and individual sovereignty of Americans.

Specifically, the legislation explicitly forbids the Federal Reserve from issuing a CBDC either directly to individuals or indirectly through intermediaries like banks. The bill also constrains the Federal Reserve from utilizing CBDCs to implement its monetary policies.

Uphill Battle

While Tom Emmer’s bill has received backing from 50 original Republican co-sponsors and organizations like Heritage Action and Club for Growth, it faces an uphill battle for approval. Current indications suggest that it is unlikely to garner enough votes to pass in the near future.

Article Sources

BuyBitcoinWorldWide writers are subject-matter experts and base their articles on firsthand information, like interviews with experts, white papers or original studies and experience. We also use trusted research and studies from other well-known sources. You can learn more about our editorial guidelines.

  1. House.gov - Emmer Reintroduces CBDC Anti-Surveillance State Act, https://emmer.house.gov/2023/9/emmer-reintroduces-cbdc-anti-surveillance-state-act
  2. FOX - GOP takes on Federal Reserve in battle over digital dollar, https://www.foxbusiness.com/markets/gop-takes-on-federal-reserve-in-battle-over-digital-dollar
  3. Congress.gov - H.R.1122 - CBDC Anti-Surveillance State Act, https://www.congress.gov/bill/118th-congress/house-bill/1122/titles?s=1&r=12

About the Author

colin aulds

Colin Aulds is a founder at 10NetZero, an off-grid Bitcoin mining company. He is the former VP and founder at Billfodl, a Bitcoin wallet backup company, as well as PrivacyPros, a blog dedicated to helping every day people improve their privacy. He also runs the popular Unhashed Podcast. Colin holds a bachelors degree from Belmont University (BBA).


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