US lawmakers on the House Financial Services Committee have voted in favor of a bill that aims to block 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 U.S. government from enacting a financial surveillance tool that could jeopardize privacy, individual sovereignty and competitiveness in the free market.
“If the central bank digital currency is not open, permissionless and private – just like cash – then it is nothing more than a CCP (Chinese Communist Party)-style surveillance tool that can be weaponized to to suppress the American way of life.”
The Blockchain Association, which supports the bill, say the digital dollar will give the government the ability to track purchases and collect people’s intimate and personal data.
“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 said say Preventing the US dollar from becoming digital will harm the currency.
“To both stop all innovation and at the same time pave the way for the crypto bros at the other shows they are trying to get to. Please note that this is a pilot program. Keep in mind that no one needs to have any cryptocurrency, no one needs to have any digital currency, and remember that we actually already have a digital system at the Treasury Department – it’s called TreasuryDirect.”
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