CBDC Anti-Surveillance Act Gains Momentum in US Congress

Congress takes a step to curtail Washington’s influence over the central bank digital currency with the CBDC Anti-Surveillance Act.

Mastercard lady working on CBDC.
Created by Kornelija Poderskytė from DailyCoin
  • With committee approval secured, the House has prepared for a vote on the CBDC.
  • Anti-Surveillance Act.
  • A remarkable 60 congressional members have thrown their weight behind the bill.
  • Discover the sleeper issue that has reshaped U.S. politics at state and federal levels.

The ‘CBDC Anti-Surveillance State Act,’ designed to thwart unelected Washington bureaucrats’ influence in issuing a central bank digital currency (CBDC), has advanced a crucial step in its procedural journey. It successfully cleared the House Financial Services Committee, marking significant progress.

Congress Prepares to Vote

In a press release circulated by Representative Tom Emmer, the bill’s architect, on September 20, the ‘CBDC Anti-Surveillance State Act’ secured approval from the committee and received a favorable report for presentation on the House floor. This paves the way for an imminent congressional vote.

Representative Emmer underscored that the bill has garnered support from a substantial 60 members of Congress. In his statements concerning the committee’s decision, Emmer reiterated the perils associated with state authority over currency, asserting its incompatibility with core American principles.

Emmer Declares Digital Assets as the “Sleeper Issue”

This comprehensive legislation encompasses provisions prohibiting the Federal Reserve from disseminating CBDCs to individuals and preventing the Fed from employing any CBDC to execute monetary policy. Emmer labeled digital assets as a “sleeper issue” within U.S. politics, impacting both state and federal levels. 

According to Emmer, a generational rift exists within the United States, where citizens could resist policies that potentially obstruct the digital domain and expose lawmakers lacking technological acumen.

On the Flipside

  • Digital currencies issued by central banks could enhance financial inclusion by providing easier access to banking services for marginalized communities, a facet not addressed by the bill.
  • The Act’s emphasis on keeping CBDCs out of individual hands could hinder innovation in the digital currency space.

Why This Matters

The advancement of the ‘CBDC Anti-Surveillance State Act’ marks a critical juncture in the ongoing debate over digital currencies and government control. Its potential impact on the evolving crypto landscape underscores the growing importance of legislation in shaping the future of cryptocurrencies, making it a matter of keen interest for the wider crypto community.

To learn more about the global impact of CBDCs on the world GDP, read here:
Ripple Report Reveals 95% of World’s GDP Considers CBDCs

For insights into China’s recent push for CBDC retail adoption amidst surveillance concerns, click here:
China Pushes CBDC Retail Adoption Despite Surveillance Concerns

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.