US congressmen propose to ban the Federal Reserve from issuing a digital dollar
The authors of the bill believe that the asset can be used to spy on citizens
22.05.2023 - 14:15
282
2 min
0
What’s new? On May 17, US House of Representatives members French Hill and Jake Auchincloss introduced a bipartisan bill banning the Federal Reserve System (Fed) from issuing a digital dollar. Lawmakers fear that a central bank digital currency (CBDC) would become a tool to spy on citizens’ spending and eventually lead to blocking their participation in the banking and payments system.
What arguments did officials make? According to Hill, under the Constitution, the power to issue CBDCs belongs to Congress and the American people, not “unelected bureaucrats.” He stressed that Americans are “rebelliously independent and skeptical of government overreach.”
Hill stressed the importance of protecting consumers and preventing the use of digital currency “from being weaponized to target politically disfavored industries or activities.” The congressman urged support for a bill that protects civil liberties and the dollar’s role as the world’s reserve currency and prevents government surveillance of ordinary Americans.
Earlier, other US officials made similar arguments against the digital dollar issue. Senator Ted Cruz called CBDC an instrument of financial oversight and called for a ban on its issuance, while Democratic Party member Robert Francis Kennedy Jr. said that launching the asset would lead the country into “financial slavery and political tyranny”
In May, a ban on the use and testing of the digital dollar was approved by the authorities in Florida and North Carolina, and a resolution to ban the asset was introduced by senators in Texas. They also pointed to the possibility of central bank oversight and control over private funds and transactions.
At the same time, Fed Chairman Jerome Powell noted in March that his agency, the Treasury Department, and the White House have not reached a consensus on the advisability of launching the asset and should not expect it in the near term.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 082
BTC
-1.22%
-
Ethereum
$3 425.05
ETH
+3.47%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.49
XRP
+2.51%
-
Dogecoin
$0.438807
DOGE
+6.88%
-
Cardano
$1.08
ADA
+8.41%
-
Stellar XLM
$0.498439
XLM
+46.78%
-
Polkadot
$8.66
DOT
+34.29%
-
Bitcoin Cash
$508.74
BCH
+4.23%
-
Litecoin
$99.51
LTC
+9.98%