Crypto Bill Seeks to Protect Financial Freedom, Here’s How
Amidst the turmoil involving the Securities and Exchange Commission (SEC) and the crypto industry in recent weeks, digital assets may see a step forward in regulatory relief. In particular, new legislation seeks to increase financial freedom for American customers in the United States
22 February member of the House of Representatives Tom Emmer introduced Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to implement monetary policies that help prevent the control of the economy and promote financial freedom for Americans. Tom Emmer said:
Today, I introduced the CBDC Anti-Surveillance State Act to stop the efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy.
How will the crypto industry benefit from the bill?
According to Minnesota State Representative Emmer, if the introduced bill receives the majority of votes to pass in the House and Senate, it would prohibit the Federal Reserve (Fed) from issuing a CBDC “directly to anyone.”
In addition, the bill would prohibit the Fed from using a CBDC to implement monetary policy and control the economy. The bill would require the Fed’s CBDC projects to be transparent to Congress and the American people, according to Emmer, who also added:
Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competition. Anything less opens the door to the development of a dangerous surveillance tool.
Tom Emmer said the bill seeks to protect Americans’ economic freedom and allow the North American country to remain a “technology leader” with individual sovereignty and free market competitiveness.
The proposal gained traction in social media. Member of the House, Barry Loudermilk, commented on the bill, which says the Fed should focus on its core mission of stable prices and maximum employment rates, “not indefinitely tracking Americans’ transactions.”
The House of Representatives currently has a Republican majority. Tom Emmer is the House Majority Whip.
This is not the first attempt by the legislature to allow the crypto industry to grow and remain under US jurisdiction. In December 2022, Emmer asked SEC Chairman Gary Gensler to testify before Congress regarding the regulatory policies against the crypto ecosystem.
Tom Emmer, or “The Crypto King”, as he is known among members of the House, is considered a pro-crypto politician. Emmer said his interest in the crypto industry began after he was elected to Congress in 2014.
The “Crypto King” has also recently introduced a bipartisan Securities Clarity Act to provide a path to regulatory security for digital assets. Emmer’s goal was to restore Americans’ right to decide what decisions they want to make in the various markets the United States offers.
US crypto investors can benefit from the House of Representatives and their crypto-friendly lawmakers. This bill could prevent capital from fleeing and remain in the exchanges that provide services on American soil instead of “scaring investors and the new technologies that facilitate payments and transactions such as cryptocurrencies that push them into international jurisdictions.
The total market capitalization of cryptocurrencies has decreased by 2.36% in the last 24 hours and is now at $1.04 trillion. The market cap for Bitcoin is $460 billion, which represents a significant portion of the crypto industry at 40.48%. The market value of stablecoins is $137 billion and has a share of 12% of the total crypto market value, according to data from CoinGecko.
Feature image from Unsplash, chart from TradingView.
