Anti-CBDC Legislation Moves Forward as Privacy Concerns Mount
The post Anti-CBDC Legislation Moves Forward as Privacy Concerns Mount appeared on BitcoinEthereumNews.com.
The CBDC Anti-Surveillance State Act seeks to ban federal issuance and use of central bank digital currencies, while the STABLE Act is a Republican-led framework for regulating payment stablecoins. Both bills are gaining traction, with support from key GOP lawmakers and various industry groups. Meanwhile, Trump’s influence in financial regulation is growing, as the Senate Banking Committee approved his nominee Paul Atkins for SEC Chair. CBDC Ban Bill Gains Momentum The US House Financial Services Committee advanced a bill that aims to prohibit federal banks from issuing or using central bank digital currencies (CBDCs), and moved it forward for a potential full vote in the House. In a session that was held on April 2, the committee voted 27-22 in favor of the CBDC Anti-Surveillance State Act. The legislation was one of five discussed during a markup hearing. Representative Tom Emmer of Minnesota sponsored the anti-CBDC legislation, and pointed out that the bill already passed the House in the previous Congress with a 216-192 vote and currently has 114 cosponsors. Emmer also talked about the wide-ranging support behind the bill, including backing from the Independent Community Bankers Association, the American Bankers Association, Club for Growth, Heritage Action, and the Blockchain Association. Opposition to CBDCs has grown primarily among Republican lawmakers, who argue that such government-issued digital currencies pose a threat to financial privacy. Many are especially concerned that institutions like the Federal Reserve and the Treasury Department could potentially use CBDCs to surveil Americans’ financial transactions. Emmer framed the bill as an effort to enshrine into law an executive order issued by President Donald Trump, which was signed on Jan. 23. The order explicitly banned the establishment, issuance, circulation, and use of a CBDC in the United States. Trump signing executive orders (Source: YouTube) Despite the momentum in the House,…
Filed under: News - @ April 4, 2025 6:24 am