Saturday, July 20, 2024

Fifty members of the U.S. Congress have re-presented the CBDC Anti-Surveillance State Act, aiming to prevent the Federal Reserve from launching a retail Central Bank Digital Currency (CBDC) “while fostering innovation and the prospective evolution of genuine digital cash.” Congressman Tom Emmer emphasized, “President Biden appears willing to jeopardize the American citizenry’s financial privacy rights in favor of a CBDC that functions as a surveillance instrument. Such a compromise on the rights of Americans is unacceptable to me.”

Act Against CBDC Surveillance Renewed and Presented Again

U.S. Representative Tom Emmer (R-MN) revealed on Tuesday that he, along with 49 additional legislators, has brought back the CBDC Anti-Surveillance State Act “to thwart the initiatives of unelected officials in Washington, D.C., from introducing a Central Bank Digital Currency that undermines the Americans’ fundamental right to financial privacy.”

On social media platform X, Rep. Emmer announced, “Today, accompanied by 49 Republican colleagues, I have reintroduced the CBDC Anti-Surveillance State Act.” Elaborating on this, he stated:

Should a government digital currency not replicate the characteristics of physical cash, it would effectively annihilate Americans’ financial privacy and empower the Administrative State. This is a scenario I am committed to preventing.

“My revised legislation forbids the Federal Reserve from rolling out a retail CBDC while still nurturing innovation and any forthcoming creation of authentic digital cash,” Emmer added. “This act imposes limitations on non-elected officials and guarantees that U.S. digital currency policy aligns with our national values of privacy, personal freedom, and market-driven competitiveness.”

Initially introduced by Majority Whip Emmer in January 2022 to address concerns over a Central Bank Digital Currency, the act has received backing from Emmer’s Republican peers, including Representatives French Hill (R-AR), Warren Davidson (R-OH), Byron Donalds (R-FL), Pete Sessions (R-TX), Young Kim (R-CA), William Timmons (R-SC), Ralph Norman (R-SC), Barry Loudermilk (R-GA), Bryan Steil (R-WI), Scott Fitzgerald (R-WI), Mike Flood (R-NE), Bill Posey (R-FL), Mike Lawler (R-NY), Andy Ogles (R-TN), and Ann Wagner (R-MO).

In his concluding remarks, Rep. Emmer underlined:

The stance of the current administration is unequivocal: President Biden seems prepared to sacrifice Americans’ financial privacy for a CBDC that serves as an instrument of surveillance. This is a compromise on American freedoms that I cannot endorse.

“In essence, unless a CBDC is open, permissionless, and maintains privacy akin to cash, it merely functions as a surveillance apparatus in the style of the Chinese Communist Party, with the potential to undermine the American way of life,” the legislator concluded. He added that his proposed legislation will be reviewed by the House Financial Services Committee in the coming weeks.

What are your thoughts on Rep. Tom Emmer’s CBDC Anti-Surveillance State Act? We invite your comments in the section below.

Frequently Asked Questions (FAQs) about CBDC Anti-Surveillance State Act

What is the CBDC Anti-Surveillance State Act?

The CBDC Anti-Surveillance State Act is a piece of legislation reintroduced by U.S. Congressman Tom Emmer and 49 other lawmakers. The act aims to prevent the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) that would compromise the financial privacy of American citizens. The legislation also seeks to promote innovation in the field of digital currencies.

Who reintroduced the CBDC Anti-Surveillance State Act?

U.S. Representative Tom Emmer (R-MN) led the reintroduction of the CBDC Anti-Surveillance State Act, backed by 49 other Republican lawmakers.

What are the key objectives of this act?

The primary objectives of the act are to safeguard the financial privacy of Americans and to foster innovation and future development of genuine digital cash. The act explicitly prohibits the Federal Reserve from issuing a retail CBDC that would function as a tool of surveillance.

What prompted the reintroduction of the CBDC Anti-Surveillance State Act?

The reintroduction was prompted by concerns that a government-issued CBDC, if not designed with financial privacy in mind, could function as an instrument of state surveillance, thereby undermining American values and individual freedoms.

When was the act first introduced?

The act was initially introduced by Majority Whip Tom Emmer in January 2022. It has now been reintroduced with revisions and additional support from Emmer’s Republican colleagues.

What does Congressman Tom Emmer specifically say about the current administration’s stance on CBDC?

Congressman Tom Emmer has expressed concern that President Biden appears willing to compromise Americans’ right to financial privacy in favor of a surveillance-style CBDC. Emmer considers such a compromise unacceptable.

What are the next steps for the CBDC Anti-Surveillance State Act?

The proposed legislation is slated for review by the House Financial Services Committee in the coming weeks.

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4 comments

Mike L. September 13, 2023 - 2:39 pm

Tom Emmer and 49 others? Why only Republicans? What happened to bi-partisan support? this could be huge but it needs more backing across the board.

Reply
Emily Thompson September 13, 2023 - 6:51 pm

Financial privacy is crucial, but what about innovation? Hope this act doesn’t kill the potential for a US CBDC, we don’t wanna fall behind other countries.

Reply
John Doe September 13, 2023 - 7:51 pm

Wow, Tom Emmer is really steppin up his game. This act could be a game changer for digital currencies in the US. Good to know someones fighting for our privacy.

Reply
Sara Williams September 13, 2023 - 10:27 pm

Interesting piece, but i have to ask, is it really feasible? Big government tends to find ways around these kinds of things, just sayin.

Reply

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