US Anti-CBDC Bill Passed Through House Financial Services Committee

It has been just revealed the fact that a US anti-CBDC bill passed through the House Financial Services Committee. Check out the latest reports about this below.

The House Financial Services Committee of the United States has voted in favor of a proposed law that aims to prevent the Federal Reserve from releasing a central bank digital currency (CBDC).

The CBDC Anti-Surveillance State Act, introduced by Congressman Tom Emmer (R-MN), was passed during a markup session on Wednesday.

Emmer believes that this proposed legislation will help protect privacy, individual sovereignty, and free market competitiveness by preventing the American government from issuing a financial surveillance tool.

The Blockchain Association is in favor of a bill that advocates for an open, permissionless, and private central bank digital currency (CBDC), similar to cash.

They argue that a CBDC that enables the government to monitor purchases and collect personal information would be a CCP-style surveillance tool that could be used to suppress American freedoms.

The Association also asserts that financial privacy is protected by the Constitution and supports the CBDC Anti-Surveillance State Act, which aims to prevent the issuance of a CBDC in the US that violates these principles.

During a speech in opposition to the bill, Congressman Brad Sherman (D-CA) stated that Democrats did not support it.

He argued that preventing the US dollar from going digital would harm the currency’s development. He also criticized the bill for trying to promote cryptocurrency while stifling other innovations.

He reminded listeners that the bill was only a pilot program and that no one was required to use digital currency. Additionally, he pointed out that the TreasuryDirect system already existed as a digital alternative.

According to the latest reports, it has been just reported that there are three central banks that have launched new pilots for central bank digital currencies (CBDCs).

The news comes according to an announcement from the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Check out our previous article in order to learn more details about the matter.