Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Republican Senators Move to Block CBDCs in U.S. (again)
News | Feb 27, 2024
Republican senators have once again introduced a bill aimed at prohibiting the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) in the United States, citing privacy intrusions.
Titled "The CBDC Anti-Surveillance State Act," the bill reflects deep concerns over privacy and the potential for government overreach into citizens' financial transactions. There is a growing political divide over digital currency policy and its implications for personal freedom and national sovereignty.
See: CBDCs in Canada and Impact Drivers on Banking Choices
- Spearheaded by Sen. Ted Cruz (R-Texas) and supported by Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Mike Braun (R-Ind.), the legislation marks another attempt by Republican lawmakers to halt the progress of a CBDC in the U.S., citing threats to privacy and freedom.
- The bill emerges against a backdrop of heightened political rhetoric, with the Biden administration accused of seeking to infringe on citizens' privacy through the surveillance of personal spending habits. The Federal Reserve, currently in the basic research phase regarding a CBDC, has stated it would not proceed without authorization from Congress and the White House.
- The debate over a CBDC has become a campaign talking point, with former President Donald Trump promising to ban the creation of a CBDC, framing it as a defense against government tyranny. Trump said:
“Tonight, I am also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency.”
Why It Matters
The introduction of anti-CBDC legislation by Republican senators highlights the complex interplay between innovation, privacy, and governance in the digital age.
See: Is USDCs Blockrock Money Fund a Back door CBDC?
As countries around the world advance their CBDC initiatives, the U.S. faces a decision on how to balance the potential benefits of digital currencies with the imperative to protect individual freedoms. This legislation reflects concerns over privacy and autonomy but also signals the broader geopolitical and economic considerations at play in the global shift towards digital currencies.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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