Published 2 months ago

GOP senators propose ban on central bank digital currencies

The CBDC Anti-Surveillance State Act aims to restrict the Federal Reserve from issuing a digital currency directly or indirectly to individuals.
Conservative lawmakers fear a digital dollar could enable government surveillance on citizens' financial data and influence monetary policy.
Legislation proposed by Senator Cruz and advocacy groups seeks to prohibit the Federal Reserve from issuing a CBDC without authorization from Congress.

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The Hill

GOP senators propose ban on central bank digital currencies

Republican senators introduced legislation Monday that would ban official cryptocurrencies backed by central banks, a type of proposed digital asset that the Biden administration and Federal Reserve have expressed interest in studying. GOP senators said that Fed-backed cryptocurrencies would pose privacy concerns and allow regulatory authorities access to the private spending habits of individual Americans. Sen. Ted Cruz (R-Texas) described Fed-…

2 months ago·Washington, United States

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Fox Business

Cruz, GOP senators double down on anti-central bank digital currency legislation

EXCLUSIVE: Senate Republicans are determined to restrict the Federal Reserve’s ability to create a so-called central bank digital currency, setting the stage for making the debut of a digital dollar an issue for the 2024 presidential campaign, FOX Business has learned.Conservative lawmakers have been doubling down on their opposition to a central bank digital currency (CBDC), arguing the federal government could weaponize the technology by using…

2 months ago·United States

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senate.gov

Sen. Cruz Introduces Legislation to Ban Central Bank Digital Currencies | U.S. Senator Ted Cruz of Texas

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), joined by Sens. Bill Hagerty (R-Tenn.), Rick Scott...

2 months ago·Washington, United States

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Port City Daily

NC Senator co-introduces bill to ban central bank digital currencies

NORTH CAROLINA — Sen. Ted Budd co-introduced a bill Monday to prohibit the Federal Reserve from issuing a central bank digital currency, arguing the financial tool would give the government excessive power over citizens’ financial transactions and harm consumer privacy. Budd (R-NC) co-introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, which was led by Sen. Ted Cruz (R... Source

2 months ago·Wilmington, United States

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The Gilmer Mirror

Sen. Cruz Introduces Legislation to Ban Central Bank Digital Currencies

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), joined by Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Mike Braun (R-Ind.), today filed legislation to halt efforts by the Biden administration to issue a central bank digital currency (CBDC): About the bill, Sen. Cruz said, “The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their persona…

2 months ago

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