The US House of Representatives has passed a bill prohibiting the Federal Reserve from offering Central Bank Digital Currencies (CBDCs) directly or indirectly to individuals through intermediaries. This was announced by Tom Emmer, the Republican Majority Whip in the lower chamber.
For more than two years, we have worked to educate, grow support, and pass this important legislation, which prevents unelected bureaucrats from issuing a financial surveillance tool to fundamentally undermine our American values.
— Tom Emmer (@GOPMajorityWhip) May 23, 2024
“For more than two years, we have worked to educate, grow support, and pass this important legislation, which prevents unelected bureaucrats from issuing a financial surveillance tool to fundamentally undermine our American values,” Emmer noted.
The document was passed with 216 votes in favor and 192 against.
“My bill ensures that the United States’ policy on digital currencies remains in the hands of the American people, so that any development of digital money reflects our values of privacy, individual sovereignty, and free market competitiveness,” the congressman emphasized.
He stressed that the digital dollar should not be used in the same way as the e-CNY; it must be open and not a surveillance tool.
Since 2021, Emmer has advocated for a design of the digital dollar that excludes the possibility of financial surveillance over citizens. He considers the technology an affront to American values, privacy, individual sovereignty, and the free market.
In February 2023, the congressman introduced the first version of the bill against CBDCs, and in September, he reintroduced the document for consideration.
In May 2024, the House of Representatives voted for a bill on the structure of the crypto market, aimed at regulating the industry as a whole.
Earlier, the Senate passed a resolution nullifying Staff Accounting Bulletin 121 from the US Securities and Exchange Commission.