Pro-crypto Republican Senator Tom Emmer has introduced a bill that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) in the US. Emmer believes that the CBDC Anti-Surveillance Act is necessary to prevent the government from having unprecedented levels of financial control and surveillance capabilities.
The proposed legislation has three primary aims. Firstly, it prohibits the Fed from issuing a CBDC directly to anyone. Secondly, it bars the Fed from using a CBDC to implement monetary policy and control the economy.
Finally, it requires that there is full transparency to Congress and US citizens central for the Fed’s CBDC projects.
Emmer has been a vocal opponent of the idea of the Federal Reserve issuing a CBDC for more than a year. He believes that a digital version of the dollar must uphold American values of privacy, individual sovereignty, and free market competitiveness.
Emmer is concerned that the government could use a CBDC as a method of surveillance, which would be a dangerous tool.
The proposed legislation has garnered support from various individuals, including House Committee on Financial Services Vice-Chairman and newly appointed digital assets subcommittee Chairman French Hill. However, it remains to be seen whether the CBDC Anti-Surveillance Act will gain traction in Congress.
Emmer has previously criticized the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. He accused the agency of using enforcement to expand its jurisdiction at the expense of public resources and trust.
Emmer believes that prioritizing blockchain technology with American characteristics is necessary, rather than mimicking China’s digital authoritarianism out of fear.
