Republican Senator Ted Cruz continues to push for the US government to ban central bank digital currencies (CBDCs).
According to a new press release from Cruz (R-Texas), the senator is introducing legislation to ban CBDCs completely.
According to the release, the legislation is a partisan effort between Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (RN.C.) and Mike Braun (R-Ind.) .
Says Cruz,
“The Biden administration salivates at the thought of infringing on our freedoms and invading citizens’ privacy to monitor their personal spending habits. Therefore, Congress should make it clear that the Federal Reserve has no authority to implement a CBDC. I am proud to lead the fight in the Senate to limit the Federal Reserve’s exploration of a CBDC in the U.S. economy.”
The bill, called the CBDC Anti-Surveillance State Act, would prevent the federal government from issuing CBDCs directly or through a third party.
“The legislation is endorsed by Heritage Action for America (HAFA), the Blockchain Association, the American Bankers Association (ABA), the Independent Community Bankers Association (ICBA) and Club for Growth (CFG).”
In March 2023, Cruz argued that the creation of the CBDC would centralize people’s financial data and leave their information vulnerable to attack. The senator said the US government could also use the digital dollar as a surveillance tool to look directly at Americans’ private transactions. Much of the same sentiment was reflected in the most recent press release.
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