The CBDC Anti-Surveillance State Act has cleared a crucial hurdle on its legislative journey. The House Financial Services Committee has given its stamp of approval to the bill, marking a milestone in its progress.
The CBDC Anti-Surveillance State Act, a pivotal piece of legislation aimed at curbing the power of unelected officials in the nation’s capital from introducing a central bank digital currency (CBDC), has achieved an important breakthrough. The House Financial Services Committee has formally endorsed the bill, setting the stage for its next critical step – a congressional vote.
Tom Emmer Behind the CBDC Anti-Surveillance State Act
Representative Tom Emmer, the driving force behind this initiative, announced this development in a press release earlier today. The act, designed to safeguard the privacy and financial freedom of American citizens, has garnered widespread support, with 60 members of Congress backing its principles.
Emmer emphasized the paramount importance of preserving American values in the digital age, highlighting the dangers of state-controlled currency. In his words, “This is what the future global digital economy needs. If not open, permissionless, and private — just like cash — a central bank digital currency is nothing more than a CCP [Chinese Communist Party]-style surveillance tool that can be weaponized to oppress the American way of life.”
This landmark legislation was reintroduced to the United States House of Representatives on September 14, 2023, with Emmer and 49 original co-sponsors leading the charge. Its initial introduction to Congress took place in February of the same year.
The bill contains provisions designed to prevent the Federal Reserve from issuing CBDCs to individuals and bars the Fed from leveraging CBDCs for implementing monetary policies. As the crypto community watches with bated breath, the bill now heads to the congressional floor for what promises to be a pivotal vote in the near future. Stay tuned for further updates on this unfolding crypto legislative drama.