U.S. House Passes Bill Banning Federal Reserve From Issuing a CBDC
The U.S. House of Representatives voted to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) through the CBDC Anti-Surveillance State Act. The Act, introduced by Majority Whip Tom Emmer, aims to halt the development of a digital dollar, with Republicans arguing that a U.S. CBDC could be used to control Americans. Democrats argued that these concerns were exaggerated and that a ban would hinder public sector innovation and research. The vote saw 213 Republicans and three Democrats in favor, while 192 Democrats were against. The day before, a crypto market structure bill, the Financial Innovation and Technology for the 21st Century Act, was supported by both parties. However, both bills are unlikely to progress in the Senate as there is no counterpart for either piece of legislation.
