The CBDC Counter-Surveillance State Act, designed to prevent unelected officials in Washington from issuing central bank digital currencies (CBDCs), has moved a step closer to becoming law after passing the House Financial Services Committee.
The bill, introduced by Rep. Tom Emmer, has now been reported to the House following its approval by the committee, setting the stage for a vote in Congress.
Emmer highlighted that the bill enjoys the support of 60 members of Congress. He stressed the potential dangers of state-controlled digital currencies and their incompatibility with American values, noting that without being open, permissionless, and private, a central bank digital currency could become a tool for surveillance and oppression, akin to the Chinese Communist Party's methods.
Emmer and 49 initial co-sponsors reintroduced the CBDC Counter-Surveillance State Act in the US House of Representatives on September 14, following its initial introduction in February 2023. The bill contains provisions that would prohibit the Federal Reserve from issuing CBDCs to individuals and restrict its use of CBDCs for implementing monetary policy.
In a recent interview, Emmer described digital assets as a "sleeper issue" in American politics, both at the state and federal levels. He pointed out a generational divide in the United States, suggesting that citizens may resist policies that hinder the digital space and may seek to replace lawmakers who lack an understanding of technology.
