Anti-CBDC Bill Passes Committee Vote
The CBDC Anti-Surveillance State Act, a bill that would ban federal banks from issuing or utilizing central bank digital currencies (CBDCs), was voted on by the US House Financial Services Committee on April 2 and passed, 27-22, during a late-night markup session. The bill now moves closer to a vote on the full House.
Sponsored by Rep. Tom Emmer of Minnesota, the bill seeks to bar the Federal Reserve from issuing a digital dollar. Emmer emphasized its bipartisan endorsement, stating, “So far this Congress, this bill has 114 cosponsors,” and support from financial and conservative advocacy groups.
Stablecoin Bill Also Moves
In the same session, lawmakers approved a stand-alone bill aimed at payment stablecoins. The vote sets another key digital asset regulation bill up for consideration on the House floor.
The stablecoin bill is seen as a first step in establishing the regulatory environment for the crypto-assets, giving guidance to businesses and consumer protections engaged in digital transactions.
Republican Push Against CBDCs
There is growing resistance from Republican legislators, who are concerned that a digital dollar could be used to track Americans’ purchases. Emmer’s bill is proof of growing concern that the technology will be used to enable government intrusion into financial privacy.
A Senate companion bill was introduced on March 26 by Senator Ted Cruz, marking Republican coalescence in opposition. Emmer mentioned former President Donald Trump’s January executive order banning issuance of CBDCs, suggesting the bill aligns with that order.
Will the Bill Become Law?
The anti-CBDC bill’s future is uncertain, with a divided Congress that may impede it. Whether it passes to President Trump’s signature hinges on broader legislative support and Senate politics.
Even so, action on the anti-CBDC and stablecoin bills demonstrates Congress’s increasing interest in the future of digital currency within the US financial system.
