Business News Report
January 02, 2024

Tom Emmer’s ‘CBDC Anti-Surveillance State Act’ Gains Support from 75 Congress Members

In Brief

Tom Emmer’s CBDC Anti-Surveillance State Act has garnered support from 75 members of US Congress as co-sponsors, additional support expected.

US Representative Tom Emmer Gains Support for CBDC Anti-Surveillance State Act

United States Representative Tom Emmer announced that the CBDC Anti-Surveillance State Act has garnered support from 75 members of Congress as co-sponsors. The congressman noted that efforts to secure additional support will be ongoing.

The CBDC Anti-Surveillance State Act seeks to prohibit the Federal Reserve from issuing central bank digital currency (CBDC) directly to individuals and from indirectly issuing CBDC through intermediaries. The bill also includes provisions intended to restrict the Fed from using any CBDC for the purpose of implementing monetary policy.

The congressman views digital assets as a significant but overlooked issue in US politics, both at the state and federal levels. According to Emmer, there is a generational divide in the United States, where residents might resist policies that could hinder the digital space, potentially highlighting the need for technologically informed lawmakers.

In September, the act was approved by the committee with the support of 60 members of Congress and is awaiting a congressional vote.

US Contemplates Future of Central Bank Digital Currencies

In recent years, CBDCs–a government-issued digital currency, typically presented in a tokenized form representing the country’s fiat currency–have emerged as a focal point in the global financial landscape, and the United States is no exception. As nations explore the potential benefits and challenges of CBDCs, the United States has initiated discussions and pilot programs to assess the feasibility of introducing a digital version of the dollar. 

The Federal Reserve is currently testing CBDCs in pilot programs, but it has not made a firm commitment to implementing a CBDC. Any decision to issue a CBDC would require support from the executive branch and US Congress.

In a recent update, Bank of America (BAC) reported that the digital dollar is not anticipated in the near term.  

The benefits and risks associated with CBDCs are contingent on their design and issuance approach. Nevertheless, expectations include the potential for CBDCs to offer a more efficient and cost-effective payment system for both cross-border and domestic transactions, serve as a tool for implementing monetary policy, and contribute to enhanced financial inclusion.

Tom Emmer’s support for CBDC Anti-Surveillance State Act highlights concerns about CBDCs impact on the nation’s monetary policy, adding to the uncertainty surrounding the future of CBDCs in the United States, despite the anticipated advantages. 

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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