US legislators in the House Financial Services Committee have voted in favor of a proposed law that aims to stop the Federal Reserve from issuing a central bank digital currency (CBDC).
According to the office of Congressman Tom Emmer (R-MN), the committee passed the CBDC Anti-Surveillance State Act during a markup session on Wednesday.
Emmer, who introduced the bill, says the proposed legislation will prevent the American government from issuing a financial surveillance tool that can jeopardize privacy, individual sovereignty and free market competitiveness.
“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.”
The Blockchain Association, which supports the bill, says the digital dollar will give the government the ability to track purchases and collect people’s intimate and personal details.
“The right to financial privacy is protected by the Constitution. We support the CBDC Anti-Surveillance State Act – legislation aimed at preventing a CBDC from being issued in the United States.”
Congressman Brad Sherman (D-CA) says Democrats did not support the bill. In a speech opposing the legislation, he says preventing the US dollar from becoming digital impairs the currency.
“To stop all innovation on the one hand while trying to pave the road for the crypto bros on the other shows where they’re trying to go. Keep in mind this is a pilot program. Keep in mind no one has to have any crypto, no one has to have any digital currency and keep in mind we already have in effect a digital system with the Treasury— it’s called TreasuryDirect.”
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