Majority Whip Tom Emmer (MN-06) reintroduced his flagship legislation, the CBDC Anti-Surveillance State Act, to halt the efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC) that dismantles Americans’ right to financial privacy. He is joined by 50 original cosponsors.
Unlike decentralized cryptocurrencies, like Bitcoin, a CBDC is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government. In short, a CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil Americans’ transactions and choke out politically unpopular activity.
“The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,” Whip Emmer said.
“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” Whip Emmer concluded.
“Thorough anti-CBDC legislation is critical for safeguarding Americans’ financial privacy in the face of potential surveillance, control, and political intimidation. We commend Congressman Emmer’s sweeping bill to prohibit a CBDC issued both directly from the Fed to Americans and indirectly via banks or other intermediaries. All members of Congress should support this measure to protect individual liberty and prevent threats of government coercion through the financial sector.” – Ryan Walker, Acting Executive Director, Heritage Action