The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Long-Time Blockchain Advocate Congressman Tom Emmer Takes Aim at CBDC Bill

by Richard Gardner
February 7, 2022
in HodlX
HodlX Guest Post  Submit Your Post
 

Minnesota Congressman Tom Emmer, former co-chair of the bipartisan Congressional Blockchain Caucus, made rumblings this past month over the Fed’s role of issuing a CBDC.

He introduced a bill that would prohibit the institution from issuing digital currency directly to individuals, noting that,

“[A]s other countries like China develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance and cultivates innovation.

CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users and track their transactions indefinitely. Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, but it could also be used as a surveillance tool that Americans should never tolerate from their own government.”

At issue is the ability of the Fed to offer retail bank accounts – something that is well outside of its current purview. A direct-to-consumer CBDC would be, in Emmer’s view, akin to such retail banking duties.

He argued,

“Any CBDC implemented by the Fed must be open, permissionless and private. This means that any digital dollar must be accessible to all, transact on a blockchain that is transparent to all and maintain the privacy elements of cash.”

Emmer notes that the United States must lead on the issue of CBDCs in order to “maintain the dollar’s status as the world’s reserve currency in a digital age,” but that at the same time, the country must aim to encourage innovation in the profit sector rather than compete against it.

Congressman Emmer is known for his thoughtful approach to digital currencies, and as the country prepares itself to discuss CBDCs in earnest, those making decisions would be wise to consult with him on the best way to bring about our digital future. In addition to the debate on CBDCs, the time has come and gone for a more standardized set of rules for digital assets of all stripes.

Many believe that regulators will begin developing such a rulebook for cryptocurrencies and stablecoins, as well as exchanges. During this time, it is critical that they continue to look at the custody situation as well, as it is an area that would also benefit from a more standardized set of expectations and regulations.

However, during all of this, we are in the midst of an election year. Elections have a way of politicizing issues that are – or should be – decidedly apolitical. The bipartisan nature of the Congressional Blockchain Caucus should prove that the blockchain economy is one item that transcends Republican and Democrat.

Politically diverse areas, including bright red Texas and bright blue New York City, have leaders grappling to show innovators that they understand the gravity of the situation while offering havens for startups and other businesses even tangentially related to cryptocurrency and the budding digital assets space.

Now is not the time to politicize the technology which has and will continue to fundamentally alter the state of the industry. The concerns that Tom Emmer has remain in line with the spirit of the birth of the cryptocurrency movement. As we consider how to move forward, his words should remain with us.


Richard Gardner is the CEO of Modulus. He has been a globally recognized subject matter expert for more than two decades, offering complex insight and analysis on cryptocurrency, cybersecurity, financial technology, surveillance technology, blockchain technologies and general management best practices.

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/963 Creation
Submit a Press Release

Industry Announcements

  • Mooky.io – $750,000 Raised Within a Matter of Days
    June 5, 2023
  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$25,799.91
$25,799.91
3.82%
Ethereum
$1,817.97
$1,817.97
2.66%
Cardano
$0.352408
$0.352408
5.9%
XRP
$0.511483
$0.511483
4.22%
Dogecoin
$0.066695
$0.066695
6.93%

Spotlight

  • Bitcoin (BTC) About To Flash Signal That ‘Historically’ Marks Beginning of Fresh Bull Runs: Analyst PlanB
    May 29, 2023
  • Bitcoin Firebrand Michael Saylor Says Banking Establishment Will Oppose CBDCs, Predicts Stablecoin Wind Down
    May 29, 2023
  • Solana (SOL) Could See Massive Upside in the Future, According to VanEck Digital Assets Research
    May 29, 2023
  • Trader Who Caught 2023 Crypto Rally Unveils Strong Signal for Bitcoin (BTC) ‘Moon Time’ – Here Are His Targets
    May 29, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl