In a rather theatrical turn of events, the esteemed US House Financial Services Committee has bestowed its approval upon the Anti-CBDC Surveillance State Act (HR 1919), with a nail-biting tally of 27 votes in favor and 22 against. Who knew politics could be so suspenseful?
This bill, dear reader, aims to prevent the Federal Reserve from dabbling in the development or issuance of a Central Bank Digital Currency (CBDC) without the explicit nod from Congress. Because, you know, who needs a digital currency when you can have a good old-fashioned paper bill? 💵
US Committee Takes a Stand Against CBDCs: A Comedy of Errors
Our protagonist, GOP Majority Whip Tom Emmer, introduced this bill on the fateful day of March 6. His noble quest? To limit the centralization and potential surveillance that comes with digital currencies issued by central banks. A true hero in the eyes of the people! 🦸♂️
“To amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes,” the bill reads. Quite the mouthful, isn’t it?
In a plot twist, the bill forbids the Federal Reserve from issuing a CBDC directly to individuals. It also prevents the Fed from creating accounts for them or using this currency for monetary policy. Because who needs convenience when you can have bureaucracy? 🤷♂️
Representative Emmer, in a dramatic flourish, took a firm stand against what he termed government overreach during the committee session. He argued that the government should not be in the business of crafting tools for financial surveillance. A bold statement, indeed!
He painted a vivid picture of a government-controlled, programmable form of money. Without cash-like privacy safeguards, he warned, it could grant federal authorities the power to monitor every transaction, effectively turning citizens into unwitting stars of a reality show. 📺
Drawing from global examples, Emmer highlighted China’s use of a CBDC under the watchful eye of the Communist Party, keeping tabs on citizens’ spending patterns. He also pointed to Canada, where the Trudeau government froze the bank accounts of trucker protest participants in 2022, as a cautionary tale of how such tools could be weaponized. A real-life thriller! 🎬
“The Anti-CBDC Surveillance State Act ensures that the United States digital currency policy is in the hands of the American people, not the administrative state. It reflects our American values of privacy, individual sovereignty, and free market competitiveness,” Emmer declared, as if he were delivering a soliloquy on a grand stage.
Not to be outdone, a January 2025 White House executive order echoed similar concerns. President Trump’s order warned that CBDCs could jeopardize financial stability, privacy, and US sovereignty. A plot twist worthy of a political drama!
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Among these, 92 are in the research phase, 27 are working on proof of concepts, and 22 are conducting pilot programs. Moreover, four countries have officially launched their CBDCs. And only nine projects have been canceled. A true testament to the resilience of bureaucracy! 🏛️
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2025-04-04 14:32