The U.S. House of Representatives voted to pass the CBDC Anti-Surveillance State Act proposed by Majority Whip U.S. Rep. Tom Emmer (R-Minn.).
The legislation, H.R. 5403, would “prohibit the Federal reserve banks from offering certain products or services directly to an individual” and “prohibit the use of central bank digital currency for monetary policy.”
“My bill ensures the United States digital currency policy remains in the hands of the American people – not the Administrative State – so that any development of a digital money will reflect our American values: privacy, individual sovereignty, and free market competitiveness,” Emmer said.
“This legislation affirms that if the federal government seeks to create a digital version of the U.S. dollar, they can only do so with the explicit authorization from Congress. They can do that. But they have got to get authorization from Congress and they’ve got to make it open, permissionless, and private,” he said.
The Biden Administration issued an Executive Order in 2022 to look into the development of a central bank digital currency. A report from the Federal Reserve in 2022 also detailed the Biden Administration’s interest in developing a central bank digital currency.
The bill passed on May 23 and was sent to the U.S. Senate for consideration.
