The CBDC Anti-Surveillance State Act, proposed by Congressman Tom Emmer, has been successfully passed by the House of Representatives. This bill aims to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) that could potentially infringe on privacy and individual sovereignty, protecting American values in the process.
Following the recent passing of the landmark FIT21 Act, which focuses on financial innovation and technology, the House of Representatives moved forward with the CBDC Anti-Surveillance State Act. Congressman Tom Emmer, the Majority Whip from Minnesota, took to social media platform X to share the news, stating: “The House of Representatives just passed our CBDC Anti-Surveillance State Act… We have been working diligently for over two years to educate and garner support for this crucial legislation. It prevents unelected bureaucrats from creating a financial surveillance tool that undermines our American values.”
Emmer continued, emphasizing the importance of keeping the United States’ digital currency policy in the hands of its people. He expressed the need for any developments in digital money to align with American values of privacy, individual sovereignty, and competitiveness in the free market. He further stated: “This legislation is crucial for the future global digital economy. We are proud to have led this effort and express our gratitude to my colleagues for their support.”
Prior to the vote, Rep. Emmer addressed the House Floor, explaining the purpose of the bill. He stressed that it aims to halt the government’s efforts, under President Biden, to introduce a financial surveillance tool that could significantly impact the lives of every American if not implemented correctly. Emmer firmly stated that any digital currency issued by the government must adhere to the principles of cash, being open, permissionless, and private. He highlighted the dangers of using digital currencies, such as China’s digital yuan, to monitor and control citizens’ behaviors and purchases, stating that such tools have no place in a free society like the United States. Emmer concluded by noting that this bill was the first of its kind to address concerns surrounding central bank digital currencies in the United States.
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