US EditionGOP 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.
5 Articles
5 Articles
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-…
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…
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…
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
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