CBDC Anti-Surveillance Bill Passes House Committee Despite Pushback From Democrats

The House Financial Services Committee (HFSC) passed the CBDC Anti-Surveillance State Act on Wednesday, readying the legislation for a future vote on the House floor. Proposed by crypto-supportive Congressman Tom Emmer (R-MN), the legislation aims to bar the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) to individuals. The bill also prevents the use of such a tool in conducting monetary policy, which the European Central Bank has suggested could be both weakened and strengthened by CBDCs in different ways. The bill does not affect private market stablecoins, such as Circle’s USD Coin (USDC) and Tether’s USDT.

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