CBDC in The US: Pro-Crypto Fight Back!

Thu 21 Sep 2023 ▪ 3 min of reading ▪ by Ariela R.
Crypto regulation

In recent days, the Fed and CBDC have drawn significant attention from the crypto community. Fifty pro-crypto Republican lawmakers have just introduced a bill aimed at countering the CBDC. These elected officials raise valid concerns about financial privacy and individual freedom.

The Statue of Liberty and the word CBDC
The Financial Services Committee has just passed the anti-CBDC bill: a victory for pro-crypto!

A law to block the Fed’s CBDC project

On September 20, the U.S. Financial Services Committee passed the bill aimed at prohibiting the issuance of a CBDC by the Fed. This bill was introduced by Majority Whip Tom Emmer, who is also known for his interest in crypto. The bill strongly opposes the possibility of the Federal Reserve issuing its own digital currency.

But even if the U.S. Financial Services Committee approves the initiative, its future in the Senate remains uncertain. The reason is that the Senate is predominantly controlled by Democrats, most of whom are anti-crypto. That’s not all! The Senate Banking Committee may also not support this pro-crypto-initiated legislation.

Why are pro-crypto advocates so opposed to the Fed’s CBDC?

The CBDC is a digital currency issued by a central bank. It aims to replace physical cash by offering a digital version of traditional banknotes. But above all, its main goal is to allow the central bank to better control financial transactions. The CBDC would give it the ability to track and regulate individuals’ spending.

Thus, pro-crypto advocates strongly oppose this concept that affects privacy and financial freedom.

What is the CBDC Anti-Surveillance State Act?

On September 12, pro-crypto Tom Emmer reintroduced the CBDC Anti-Surveillance State Act. His reason: to prevent unelected officials from the Fed from issuing a CBDC that could compromise the financial privacy of Americans.

Unlike decentralized cryptocurrencies, the CBDC is indeed a government-controlled digital currency. It is therefore “programmable” and potentially subject to government surveillance.

This legislation has garnered significant support, including:

  • 60 members of Congress
  • Various interest groups
  • The Independent Community Bankers Association to the Blockchain Association

Both pro and anti-crypto Americans are waiting for the outcome of this CBDC matter, which will certainly shape the country’s future.

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)


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