U.S. Lawmakers Rally to Protect Financial Privacy and Innovation, Reintroduce CBDC Anti-Surveillance State Act
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Fifty U.S. lawmakers are pushing for a new law called the CBDC Anti-Surveillance State Act. This law aims to prevent the Federal Reserve from creating a digital currency that people would use for everyday transactions. They want to protect innovation and the development of true digital cash. Congressman Tom Emmer is leading this effort.
He strongly disagrees with President Biden, who wants a government-controlled digital currency that could spy on people’s financial transactions.
50 US Lawmakers Reintroduce ‘CBDC Anti-Surveillance State Act’ to Protect ‘the American Way of Life’ | https://t.co/S77gudJqyF #antisurveillancebill #centralbankdigitalcurrencybill pic.twitter.com/7bjrMEOpNH
— PipPost (@pip_post) September 13, 2023
This development might spark more discussions and debates about how much involvement governments should have in the world of digital currencies, potentially molding the future of the digital currency market.
Lawmakers Push to Protect Financial Privacy with CBDC Anti-Surveillance State Act
U.S. Congressman Tom Emmer (R-MN) and 49 fellow lawmakers have announced the reintroduction of the CBDC Anti-Surveillance State Act. They aim to stop unelected officials in Washington, D.C., from creating a central bank digital currency (CBDC) that could infringe on Americans’ financial privacy.
NEW: Today Majority Whip Tom Emmer (R-MN) reintroduced the Central Bank Digital Currency (#CBDC) Anti-Surveillance State Act. The act would prohibit "the Federal Reserve from issuing a CBDC directly to individuals, ensuring the Fed cannot mobilize itself into a retail bank." pic.twitter.com/WLZ657hbfz
— Guy Still (@mplstvguy) September 12, 2023
Rep. Emmer shared this news on the social media platform X, stating, “Today, I reintroduced the CBDC Anti-Surveillance State Act with 49 of my Republican colleagues.” He emphasized the importance of ensuring that any government digital currency respects people’s financial privacy and does not empower excessive government control. Emmer is committed to protecting these principles.
He further stressed that the bill stops the Fed from issuing a retail CBDC and protects innovation and the potential for genuine digital cash. Emmer aims to ensure U.S. digital currency policies align with American values like privacy, individual sovereignty, and free-market competitiveness.
Wide Support for CBDC Anti-Surveillance State Act
It is important to note that majority Whip Emmer introduced this bill in January 2022 to address concerns about central bank digital currency (CBDC). Now, his Republican colleagues, including Representatives French Hill (R-AR), Warren Davidson (R-OH), Byron Donalds (R-FL), Pete Sessions (R-TX), Young Kim (R-CA), William Timmons (R-SC), Ralph Norman (R-SC), Barry Loudermilk (R-GA), Bryan Steil (R-WI), Scott Fitzgerald (R-WI), Mike Flood (R-NE), Bill Posey (R-FL), Mike Lawler (R-NY), Andy Ogles (R-TN), and Ann Wagner (R-MO), have joined him as co-sponsors.
They are working together to address CBDC concerns while prioritizing principles like privacy and innovation. The involvement of multiple Republican co-sponsors, including popular figures, strengthens support for the CBDC Anti-Surveillance State Act, potentially increasing its chances of advancing in Congress.
Rep. Emmer Stands Strong Against CBDC Privacy Concerns
Rep. Emmer is deeply concerned about the Biden administration’s stance on a government-controlled digital currency (CBDC), fearing it could risk Americans’ financial privacy. He stands firmly against any compromise of citizens’ rights in this matter. Emmer strongly believes that a CBDC should be open, accessible without permission, and as private as cash.
If not open, permissionless, and private – like cash – a CBDC is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life.
We’re not going to let that happen – not on House Republicans’ watch. pic.twitter.com/XVq6ySu0Xc
— Tom Emmer (@GOPMajorityWhip) September 13, 2023
He’s concerned that without these protections, it might become a surveillance tool, like in regimes like the CCP. Emmer stressed that the House Financial Services Committee will check his bill this month. His message highlights how crucial protecting privacy and the American way of life is against potential risks from a government-controlled digital currency.