Emmer’s Bill Targets Central Bank Surveillance Concerns
The U.S. House Financial Services Committee has passed the CBDC Anti-Surveillance State Act with a 27-22 vote. Introduced by Rep. Tom Emmer (R-MN), the bill seeks to ban the Federal Reserve from issuing or indirectly facilitating a central bank digital currency (CBDC).
The legislation argues that a digital dollar could enable financial surveillance and transform the Fed into a retail bank, undermining individual privacy.
Republican Pushback Against CBDC Gathers Momentum
Emmer warned that CBDCs, if designed without adequate privacy safeguards, could allow governments to monitor and control citizens’ transactions. He cited international examples, including China’s digital yuan and Canada’s 2022 protest-related account freezes, as cautionary tales.
Broader Crypto Policy in Focus
The bill is part of a broader movement in Washington challenging centralized digital currency initiatives. It follows other Republican-sponsored proposals, including Bitcoin reserve legislation in Alabama and Minnesota.
The passage through committee signals growing resistance to CBDCs from lawmakers advocating for privacy-preserving, decentralized financial systems.
