A pro-crypto Congressman says central bank digital currencies (CBDCs) are a tool to upend the American way of life as he pushes for legislation to prevent their existence.
In a new press release, Republican Congressman Tom Emmer of Minnesota says he’s introducing a bill that would codify President Donald Trump’s executive order to ban CBDCs into law as he believes they stand against American principles.
“The bill is simple: It halts the efforts of unelected bureaucrats from ever issuing a central bank digital currency that could upend the American way of life.
This bill has the support of over 100 Members of Congress and groups ranging from the Independent Community Bankers Association and the American Bankers Association to Club for Growth, Heritage Action, and the Blockchain Association.
CBDC technology is inherently un-American and I’m grateful to President Trump for understanding this and signing an executive order banning CBDCs as one of his first actions as President. My bill would codify the executive order into law and prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens.”
CBDCs are government-backed digital assets issued by a nation’s central bank that represent its fiat currency.
Emmer first introduced a similar bill in 2022 that aimed to stifle the government from issuing CBDCs, at the time saying they would hurt the dominance of the US dollar and allow the state to keep tabs on citizens’ financial transactions.
“[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.”
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