US lawmakers this week are reviewing a bill that would prevent the Federal Reserve from conducting experiments involving the use of a central bank digital currency (CBDC).
Congressman Alex X. Mooney (R-WV) introduced the “Digital Dollar Pilot Prevention Act” in May.
The potential law, called HR 3712, aims to close a loophole that would allow the Federal Reserve to implement a pilot program designed to test the feasibility of issuing a CBDC.
Last Friday, Rep. Patrick McHenry (R-NC), the chairman of the House Financial Services Committee, announced an increase on HR 3712 and a handful of other bills.
Mooney said when announcing the possible legislation:
“Congress doesn’t care a dime when it comes to CBDCs. CBDCs are said to threaten the freedoms of law-abiding Americans and are currently being used by authoritarian countries to crack down on dissent.
That’s why closing this loophole in the pilot program is so important – to prevent the Federal Reserve from circumventing the will of Congress. I am proud to introduce this legislation to achieve just that.”
Meanwhile, House Majority Whip Tom Emmer is reintroducing the “CBDC Anti-Surveillance State Act.” Bucket say that the new bill seeks to prohibit the Fed from issuing a retail CBDC “while protecting innovation and any future development of true digital cash.”
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Generated image: Midjourney