Congressman Introduces Bill To Limit Federal Control of US-Backed Crypto Assets

Congressman Introduces Bill To Limit Federal Control of US-Backed Crypto Assets


A US Representative is introducing a bill that would prevent the Federal Reserve from issuing government-backed crypto assets directly to individuals.

Congressman Tom Emmer of Minnesota says that the Federal Reserve issuing a central bank digital currency (CBDC) would centralize the financial information of Americans, leaving them open to surveillance from their own government.

“As other countries, like China, develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation.

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CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users,

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