The “CBDC Anti-Surveillance State Act,” aimed at preventing the Federal Reserve from issuing a central bank digital currency, has passed the House Financial Services Committee.
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The CBDC Anti-Surveillance State Act, aimed at preventing “unelected bureaucrats in Washington” from issuing a central bank digital currency (CBDC), has taken one step further on its procedural journey after it passed the House Financial Services Committee.
According to a press release distributed by the bill’s author, Representative Tom Emmer, on Sept. 20, the CBDC Anti-Surveillance State Act was passed out of the committee and favorably reported to the House floor. That means the bill will next face a congressional vote.
Emmer stressed that the bill has already gained the support of 60 members of Congress. In his remarks regarding the committee’s decision, Emmer once again emphasized the dangers of state control over currency and its incompatibility with American values:
“American values. American values. 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.”
Emmer and 49 original co-sponsors reintroduced the CBDC Anti-Surveillance State Act in the United States House of Representatives on Sept.14. It was first formally introduced to Congress in February 2023.
Related: US Democrats speak up for CBDC global leadership, Republicans fear ‘dark side’
The bill contains provisions that would prevent the Federal Reserve from issuing a CBDC to individuals and bar the Fed from utilizing any CBDC for the purpose of implementing monetary policy.
In his recent interview with Cointelegraph, Emmer called digital assets a “sleeper issue” in U.S. politics, both at the state and federal levels. According to Emmer, there is a generational divide in the U.S. in which residents could push back on policies that potentially inhibit the digital space and, in doing so, “flush out” technologically ignorant lawmakers.
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