Tom Emmer Leads GOP Charge Against CBDC With 49 Republicans

This proposed bill seeks to provide necessary protection for the US populace by keeping the issuance of a Federal Reserve-managed digital dollar out of government hands, as it threatens our traditional values concerning individual privacy, sovereignty, and strong free market competition. Bitcoin is a prime example of a digital asset that differs sharply from its direct Central Bank level counterpart, the CBDC. Such rapidly-evolving currency models offer potential for enhanced surveillance of private citizens, hinting at coverage similar to that demonstrated by China’s current use of the digital yuan. Significant changes have been made in this new bill compared to one put forward just months earlier, most notably the lack of allowance for financial intermediaries such as retail banks to issue CBDC, effectively blocking any intention to follow in the footsteps of the Chinese “one-sector” digital yuan model.

Interested parties on either side of the cryptocurrency and regulation debate can find relevant representation in Washington through GOP representative Emmer’s introduction of the rules, as well as representative Mooney’s Digital Dollar Pilot Prevention Act. Testimony recently provided by the SEC Chair for a plethora of potential crypto tokens to now be dubbed as securities according to the business-ascribed “investment contract test”, feels some successes paired with recently unforeseen legal adversity sown powerfully into recent weeks with the XRP asset.

Robert Wilson author
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