Safeguarding Privacy and Innovation: The CBDC Anti-Surveillance State Act Passes
House of Representatives recently passed Congressman Tom Emmer’s CBDC Anti-Surveillance State Act, underscoring a commitment to protecting individual liberties in an increasingly digitized financial landscape. The bill, which prohibits the issuance of a central bank digital currency (CBDC), received bipartisan support with a vote of 216-192, affirming the importance of privacy, individual sovereignty, and free market competitiveness.
Before the crucial vote, Whip Emmer delivered a compelling address on the House floor, articulating the urgency of protecting American values in the face of evolving financial landscapes. Emmer underscored the significance of recent legislative endeavors, citing the adoption of SAB-121 and the bipartisan passage of the Financial Innovation and Technology for the 21st Century Act as milestones in recognizing digital asset policy as a top priority in Congress.
Congresswoman Maxine Waters voiced opposition to H.R. 5403, cautioning against its potential to impede U.S. financial innovation and undermine global economic leadership. Waters emphasized the bill’s significance for the country’s economic security and technological advancement, advocating for a future where the U.S. remains at the forefront of financial technology.
Whip Emmer echoed the urgency of protecting American values in his address on the House floor, highlighting the risks associated with government-controlled programmable money. He emphasized the need for democratic oversight and accountability in the development of digital currency, ensuring that innovation thrives while fundamental rights are preserved.
It’s important to note that the move is largely symbolic, as the Federal Reserve has not proposed plans to issue a CBDC and has reiterated that it would not proceed without congressional approval. Nonetheless, the passage of Emmer’s legislation sends a powerful message about the importance of safeguarding privacy and promoting innovation in the digital age.
