US House Passes Anti-Surveillance CBDC Bill, Advocating Privacy
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On May 23, the US House of Representatives passed the CBDC Anti-Surveillance State Act, introduced in 2023 by Majority Whip Tom Emmer. The bill aims to amend the Federal Reserve Act to prevent central bank digital currency (CBDC) from being used for monetary policy or direct consumer services. This legislation seeks to ensure that digital currency development upholds American principles of privacy and individual autonomy. Ensuring Financial Privacy Amid Digital Advancements: House Passes CBDC Act The House passed the bill by 216-192 on Thursday afternoon. By then, it had 165 Republican cosponsors. The debate on the Republican-supported bill saw sparse attendance. Republican proponents emphasized the risk of CBDC misuse, while Democrats focused on innovation, the dollar’s global standing, and flaws in the bill’s drafting. During the delivery, Chairman Patrick McHenry highlighted instances where governments, such as the Chinese Communist Party (CCP), have used CBDCs to monitor citizens’ spending behaviors. This surveillance implements a social credit system that either rewards or penalizes individuals based on their actions. McHenry asserted that this form of financial surveillance is unacceptable in the US. “Concerningly, it appears the current Administration does not agree. In 2022, the White House issued an Executive Order pushing for CBDC research and development. The corresponding report responding to that Executive Order did nothing to ease those concerns. This is why the CBDC Anti-Surveillance State Act is necessary. The bill requires authorizing legislation from Congress for the issuance of any CBDC—ensuring that it must reflect American values. If not open, permissionless, and private, a CBDC is no more than a CCP-style surveillance tool waiting to be weaponized,” Chairman McHenry stated. Read more: Crypto vs. Banking: Which Is a Smarter Choice? After the bill’s passage, Whip Emmer reaffirmed his commitment to improving the digital economy environment in the US. “My legislation ensures…
Filed under: News - @ May 24, 2024 12:26 pm