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Congressman Emmer renews push against CBDCs to defend financial privacy

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This bill aims to thwart government surveillance via CBDCs, to ensure financial privacy and safeguard American values.

CBDCs

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  •  Concerns were raised over the potential compromise of financial privacy under the Biden administration’s pursuit of a surveillance-style CBDC.
  • Emmer’s efforts have garnered support from notable figures within Congress.

Republican Representative Tom Emmer has reintroduced the “CBDC Anti-Surveillance State Act” to U.S. Congress, rallying against the possibility of unelected officials pushing for a central bank digital currency (CBDC).

Emmer, along with 49 original co-sponsors, has resurrected this legislation to protect the financial privacy rights of Americans.

The representative voiced his concerns over the potential compromise of financial privacy under the Biden administration’s pursuit of a surveillance-style CBDC. He emphasized his commitment to upholding core American values such as privacy, individual sovereignty, and free-market competitiveness.

CBDC anti-surveillance state act gains momentum

Emmer initially proposed the bill in January 2022 to address the growing discussion around CBDCs. It gained formal entry into Congress in February 2023. Emmer argued that a CBDC could become a surveillance tool detrimental to the cherished American way of life.

Emmer’s bill takes a proactive approach to prevent this outcome. It explicitly forbids the Federal Reserve from issuing a CBDC to individuals, thus preventing it from morphing into a retail bank capable of collecting personal financial data.

Additionally, the bill sets clear boundaries, barring the central bank from utilizing any CBDC to implement monetary policy. It also bars the Fed from indirectly issuing a CBDC to individuals through intermediaries, maintaining a two-tier financial system.

This move by Emmer comes on the heels of growing concerns about the weaponization of money by the federal government. There are also fears that increased financial control could stifle dissent and free expression.

Emmer’s stance aligns with those who caution against the expansion of government power facilitated by CBDCs. U.S. presidential candidate Robert F. Kennedy Jr. echoed similar sentiments. He emphasized the risk of CBDCs magnifying the government’s authority to control access to funds with a simple keystroke.

Emmer’s efforts have garnered support from notable figures within Congress, including Senators French Hill, Warren Davidson, and Mike Flood. Together, they are sending a clear message: financial privacy is a fundamental right that should not be compromised by the pursuit of a CBDC that could potentially infringe upon individual liberties.

The bill aims to curb the influence of unelected bureaucrats who could steer the country towards a digital currency policy that threatens these principles.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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