The House of Representatives has passed Congressman Tom Emmer’s CBDC Anti-Surveillance State Act, which prohibits the Federal Reserve from issuing a surveillance-oriented central bank digital currency ( CBDC). The lawmaker emphasized that the bill protects American values of privacy and individual sovereignty, countering potential governmental overreach.
US House Passes Central Bank Digital Currency Anti-Surveillance State Act
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CBDC Anti-Surveillance Act Clears House
Following the passage of the landmark crypto bill, the Financial Innovation and Technology for the 21st Century (FIT21) Act, the U.S. House of Representatives passed the CBDC Anti-Surveillance State Act on Thursday.
Majority Whip Tom Emmer (R-MN) wrote on social media platform X: “The House of Representatives just passed our CBDC Anti-Surveillance State Act … 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.” The congressman added:
My legislation ensures that the United States’ digital currency policy 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.
“This is what the future global digital economy needs. We are proud to have led this effort and thank my colleagues for their support,” he further opined.
Rep. Emmer explained on the House Floor before the vote: “This bill is simple: It halts the efforts of this administrative state under President Biden from issuing a financial surveillance tool that — if not done correctly — will fundamentally alter the lives of every American.”
The congressman stressed: “Whatever is ultimately developed must emulate the core tenets of cash. Simply put: any digital currency issued by the government, again, must be open, permissionless, and private.” He emphasized: “It cannot be used in the way the Chinese have deployed their digital yuan to build social credit scores on their citizens based on their purchases and their behavior. These types of tools cannot exist in a free society like ours, and we should only accept a digital currency that’s consistent with our values.” Emmer noted:
This bill was the first anti-central bank digital currency legislative effort introduced in the United States.
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