As a researcher with experience in digital asset policy and legislative affairs, I find Governor Cooper’s veto of House Bill 690 to be a missed opportunity for North Carolina to take a proactive stance on central bank digital currencies (CBDCs). The bill, which received overwhelming bipartisan support from both chambers of the North Carolina General Assembly, aimed to prohibit the state from implementing CBDCs issued by the Federal Reserve.
Governor Roy Cooper of North Carolina has rejected House Bill 690, aiming to prevent the state from adopting central bank digital currencies (CBDCs) issued by the Federal Reserve.
Despite the strong approval this legislative proposal gained from both houses of the North Carolina General Assembly, this decision goes against it.
The bill was approved with a large margin of votes, earning a total of 109-4 in the House and 39-5 in the Senate. Yet, Governor Cooper expressed his disagreement with the legislation on June 5, labeling it as “premature, unclear, and reactive” in a public statement.
In his discourse, Cooper underscored the importance of exercising caution and expressed that at the federal level, initiatives are underway to establish regulations and safety measures for the use of digital assets. As a precautionary measure, North Carolina might want to observe how these efforts unfold before implementing any actions.
The governor’s announcement has drawn criticism from several parties. Mitchell Askew, the chief analyst at Blockware Solutions, voiced his worry that the veto went against the wishes of North Carolina citizens. He hypothesized that political biases might have played a role in the decision, pointing out the backing the bill received from Cooper’s political adversary, Mark Robinson.
Dan Spuller, the head of industry affairs at the Blockchain Association, considered the veto on CBDCs (Central Bank Digital Currencies) a missed chance for North Carolina to express its opposition. According to Spuller, it’s essential that digital asset policy stays in the hands of the public: “Digital asset policy should remain under the control of the American people. This way, any advancements in digital currency development will align with our core values – privacy, individual autonomy, and a competitive free market.”
It’s regrettable that Governor Roy Cooper of North Carolina has rejected HB 690, a bill that enjoyed broad support from both political parties and was unanimously approved in the House last year and decisively passed in the Senate just last week. With this veto, Governor Cooper missed an opportunity to deliver a strong message to… (continuing with the original content) …stakeholders and the public about his commitment to (specific issue or cause).
— Dan Spuller (@DanSpuller) July 5, 2024
At the federal level, Jerome Powell, the Chair of the Federal Reserve, made it clear during a Senate Banking Committee hearing on March 7th that the United States is currently not advocating for or implementing a digital version of its central bank currency.
As a crypto investor following the developments in North Carolina, I’m keeping a close eye on the legislative process. The bill regarding digital currency has garnered significant support in both chambers, raising the possibility that the three-fifths majority vote could override the governor’s veto. The situation remains fluid, with potential repercussions for the state’s digital currency regulatory landscape.
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2024-07-07 12:05