As a researcher with a background in financial technology and digital currencies, I am closely following the developments in US Congress regarding crypto-focused legislation. The recent passing of the CBDC Anti-Surveillance State Act by the House of Representatives is an important step towards preserving individual sovereignty and privacy in the realm of digital currencies.
On Thursday, the US House of Representatives passed a resolution preventing the Federal Reserve from personally distributing a Central Bank Digital Currency (CBDC) to American citizens.
The CBDC Anti-Surveillance State Act received endorsement from 213 Republican legislators and 3 Democratic ones, resulting in a total of 262 votes in favor versus 192 against.
Republicans Pass Another Crypto Bill
As a crypto investor, I’m thrilled to see Rep. Tom Emmer’s bill gaining momentum in Congress. This isn’t the first time we’ve welcomed pro-crypto legislation this month – it’s the third! The online community of decentralized currency enthusiasts, including myself, is particularly fond of digital currencies like Bitcoin that operate on a trustless and decentralized system.
“Through my legislation, the control over the US digital currency policy stays with our citizens, allowing for the creation of digital money that aligns with our prized values of privacy, personal freedom, and a thriving free market.”
As a financial analyst, I would explain it this way: Different from Bitcoin, Central Bank Digital Currencies (CBDCs) are managed and distributed by central banks themselves. They function as digital versions or alternatives to a country’s traditional fiat currency, with some CBDCs even being backed by it. In certain cases, like China’s digital yuan, these currencies serve an additional purpose of monitoring consumer transactions and influencing individual citizens’ social credit scores.
Rep. French Hill (R-AR) endorsed the legislation out of concern over the potential risks associated with giving excessive power to the state. He cited the example of Canadian Prime Minister Justin Trudeau’s actions in 2022, when he frozen the bank accounts of citizens who donated to anti-vaccine mandate protests.
“During a debate on Thursday, Hill argued against the need for a retail central bank digital currency. Instead, she advocated for leveraging our existing payment system and highlighted the achievements of private sector payment stablecoins as commendable innovations.”
Democrat Opposition On Crypto Legislation
Democratic Representative Maxine Waters from California, who is the ranking member of the Financial Services Committee, put forth an alternative perspective. She proposed that the US could take the lead in creating a central bank digital currency (CBDC) while upholding privacy, thereby preventing the Chinese digital yuan from becoming too influential.
“She remarked that this legislation aims to suppress American innovation and competitiveness in international markets, as well as weaken the federal institution deemed most essential for combating inflation.”
On Wednesday, the House approved the Financial Innovation and Technology for the 21st Century Act (FIT21). This legislation sets out specific guidelines for the registration of cryptocurrencies and related businesses with federal market regulatory bodies.
In contrast to the bill passed on Thursday that only had some Democratic backing, FIT21 enjoyed robust bipartisan approval, with a total of 71 Democrats casting their votes in favor.
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2024-05-23 21:58