CBDC Ban Back on the Table: Republican Lawmakers Introduce Fresh Legislation

Crypto News- Republican Lawmakers Rally Against CBDC Implementation Over Privacy Concerns Republican legislators have once again taken a stand against the introduction of a central bank digital currency (CBDC) in the U.S., citing worries about potential infringements on personal privacy. Spearheaded by U.S. Sen. Ted Cruz (R-Texas), along with Senators Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Mike Braun (R-Ind.), the group unveiled the “The CBDC Anti-Surveillance State Act” on Monday.

In a statement posted on his website, Cruz emphasized the need for Congress to act, accusing the Biden administration of harboring intentions to encroach upon citizens’ freedoms by monitoring their spending habits through a CBDC.

CBDC Ban Back on the Table: Republican Lawmakers Introduce Fresh Legislation

Although the Biden administration has not taken a clear stance on CBDCs, the issue has garnered attention in presidential discussions, even as the Federal Reserve remains in the preliminary research phase. Fed Vice Chairman for Supervision, Michael Bar, has stressed that any progress on a CBDC would require approval from the White House and congressional authorization.

Former President Donald Trump, a prominent figure in Republican circles, has pledged to block CBDC development. Meanwhile, Democratic Representative Stephen Lynch (D-Mass.) reintroduced a bill in September 2023 advocating for a digital dollar pilot program, citing global trends in CBDC adoption and stressing the urgency for the U.S. to act.

Republicans have made multiple attempts to halt CBDC initiatives, including bills like the Digital Dollar Pilot Prevention Act proposed by Rep. Alex Mooney (R-W.V.), Rep. Tom Emmer’s (MN-06) CBDC Anti-Surveillance State Act, and Senator Ted Cruz’s initial legislation opposing CBDC implementation.