As a researcher with a background in digital currencies and monetary policy, I am thrilled to see the House of Representatives taking significant steps towards regulating CBDCs and clarifying crypto oversight. The passing of the Republican CBDC Anti-Surveillance State Act is a much-needed victory for American monetary privacy, ensuring that unelected bureaucrats cannot issue digital currencies without legislative oversight.
As a financial analyst, I would express it this way: I analyze that the House of Representatives exercised its authority by approving measures to retain control over the creation and issuance of any central bank digital currencies (CBDCs), present or future.
On May 23rd, members of the U.S. House of Representatives opposed the creation and rollout of a digitally pegged dollar currency by the Federal Reserve as part of the Republican CBDC Anti-Surveillance State Act (H.R.5403).
Tom Emmer, the Republican Majority Whip, put forth his concerns about the potential repercussions of a central bank digital currency (CBDC) issued by the Federal Reserve. He believes that such a currency could lead to disastrous consequences for American monetary privacy.
CBDCs represent a digital variation of a nation’s traditional paper currency, managed by its central bank, designed primarily for use in retail and large-scale commercial transactions. Representative Emmer’s advocacy for an all-encompassing prohibition on these received backing from members of the House.
Changes were made to prevent the Federal Reserve from initiating trials and studies on Central Bank Digital Currencies (CBDCs) without prior approval. Republican lawmakers argued that the “Project Hamilton” initiative, which had already been completed, represented a clear disregard for legislative supervision.
“Rep. Emmer stated following the vote that his proposed legislation will keep control over US digital currency policy with the American public, allowing the evolution of digital money to align with our cherished principles of privacy, individual freedom, and a thriving free market.”
I’ve dedicated myself to this cause for over two years now, working tirelessly to spread awareness, build alliances, and push for the passage of legislation that safeguards our financial system against unwarranted intrusion by unelected bureaucrats. This bill is crucial as it prevents the creation of a financial surveillance tool that could potentially erode our American values.— Tom Emmer (@GOPMajorityWhip) May 23, 2024
Double victory for crypto in Washington
The Coalition for CBDC’s Anti-Surveillance State Act gained bipartisan support, along with it, the push for establishing a digital currency regulatory framework. On May 22, this proposal received approval from the House in conjunction with the Financial Innovation and Technology for the 21st Century Act (FIT21 Act).
The FIT21 Act brings clarity to the collaborative supervision of cryptocurrencies by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in the United States. The CFTC is responsible for overseeing digital commodities markets, encompassing exchanges and broker-dealers.
As a researcher, I can share that once both cryptocurrency-related bills reach the Senate, they will undergo further deliberation and potential amendments during hearings and markups. Meanwhile, advocates for crypto regulations are actively engaging in lobbying efforts as we approach the U.S. Presidential elections.
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2024-05-23 21:30