BREAKING: For Bitcoin and Ripple (XRP) – Anti-CBDC Bill Super Close to Approval as 60 Congress Members Support Financial Freedom

  • Anti-CBDC Bill clears House Financial Services Committee, steps closer to congressional vote.
  • Representative Tom Emmer champions the cause of decentralized cryptocurrencies, emphasizes on preserving financial freedom and privacy against potential government surveillance through CBDCs.

Referring to a tweet by Eleanor Terrett, it has been reported that the Anti-CBDC Bill, advocated by Representative Tom Emmer, has recently navigated through the House Financial Services Committee. This progression heralds a strong sentiment in Congress against the launch of a government-controlled Central Bank Digital Currency (CBDC).

This legislative advance is considered a victory for decentralized cryptocurrencies like Bitcoin and Ripple (XRP). Emmer, known for his pro-decentralization stance, celebrated this movement as a stride towards financial freedom away from government surveillance. The bill already holds the endorsement from 60 congressional members, reflecting a notable support towards preventing a state-controlled digital currency which might echo surveillance concerns.

Concerns Over Financial Surveillance

The crux of the bill is to thwart any attempt by the Federal Reserve and its member banks from issuing a CBDC that could potentially morph into a financial surveillance tool. Emmer pointed out the stark contrast between decentralized cryptocurrencies and CBDCs. The former symbolizes a form of financial freedom and privacy, while the latter could be perceived as a government’s mechanism to keep tabs on citizens’ financial transactions. Drawing a parallel, Emmer cited China’s utilization of CBDCs to monitor user spending habits for a social credit system, a scenario he stresses the United States should steer clear from.

Privacy-Centric Digital Economy

Emmer further elucidated that the proposed bill aims to cement the principles of privacy, individual sovereignty, and free market competitiveness, resonating with the core American values. In a global digital economy landscape, he emphasized the importance of these principles, asserting that a CBDC lacking these attributes would only serve as a surveillance tool mirroring those in authoritarian regimes.

According to Bitcoinist, the revised version of the bill has introduced two significant alterations; it firstly delineates the notion of “intermediated CBDCs,” disallowing the Federal Reserve from outsourcing the management of CBDCs to retail banks or other financial institutions. Secondly, it has expunged the mandate for the Federal Reserve to report any CBDC pilot programs or studies to Congress.

With bipartisan backing and a vision to conserve American values and privacy, this legislative movement is a cornerstone in the discussions around the prospective issuance of a central bank digital currency in the United States, paving the path for more robust deliberations on the nation’s digital currency future.

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About Author

Collin is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Collin endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Collin's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Collin's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Collin continues to be a driving force in the cryptocurrency community.

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