Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
US Legislature Launches CBDC Anti-Surveillance State Act to Protect Americans’ Right to Financial Privacy – Regulation Bitcoin News
US Congressman Tom Emmer has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act “to stop the efforts of unelected bureaucrats” from “depriving Americans of their right to financial privacy.” The bill also prohibits the Federal Reserve “from issuing a CBDC directly to anyone.”
CBDC Anti-Surveillance State Act introduced
US Congressman Tom Emmer (R-MN) announced on Tuesday that he has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act in the House of Representatives. The recently elected House Majority Whip tweeted:
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.
Emmer elaborated in a follow-up tweet that the bill “does three things” by changing the Federal Reserve Act. First, it “prohibits the Fed from issuing a CBDC directly to anyone,” the lawmaker wrote. Second, it “prevents the Fed from using a CBDC to implement monetary policy and control the economy,” and third, it “requires the Fed’s CBDC projects to be transparent to Congress and the American people.”
The bill is sponsored by Representatives French Hill, Warren Davidson, Andy Biggs, Mike Flood, Byron Donalds, Pete Sessions, Barry Loudermilk, Young Kim and Ralph Norman.
“Proud to team up with @GOPMajorityWhip on legislation to prevent the Fed from issuing a digital central bank currency. The Fed should be focused on its core mission of stable prices and maximum employment, not tracking our transactions indefinitely,” Rep. Loudermilk tweeted support for the bill on Wednesday.
Noting that “America remains a technology leader not because we force innovations to adopt our values under regulatory duress, but because we allow technology that has those values at its core to flourish,” Congressman Emmer emphasized:
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.
Last year, Emmer and US Senator Ted Cruz introduced a similar bill in the House and Senate, respectively. Cruz’s bill similarly seeks to prohibit the Federal Reserve from issuing a CBDC directly to individuals and compete with the private sector. The Texas senator warned that a CBDC could be used “as a direct surveillance tool in the private transactions of Americans.”
What do you think of the CBDC Anti-Surveillance State Act introduced by Congressman Tom Emmer? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
