US Kongressman stellt Gesetzesprojet fir d'Fed CBDC Powers ze limitéieren

U.S. Representative Tom Emmer (R-MN) has introduced a bill prohibiting the Federal Reserve from issuing its own central bank digital currency (CBDC) directly to individuals. The Congressman warned of the proposition of the U.S. going down “an insidious path” of “digital authoritarianism” akin to China.

CBDCs: A Dire Warning

Following Fed Chair Jerome Powell’s testimony before the U.S. Senate Banking Committee yesterday in which hie sot the Fed’s CBDC report would be published “within weeks,” one U.S. Representative seems to be fearful. 

Today, U.S. Congressman Tom Emmer agefouert ginn a bill that would prevent the Federal Reserve bank from issuing a central bank digital currency directly to individuals. The bill amends Section 13 of the Federal Reserve Act.

Zousätzlech zu den CBDC Aschränkungen, géif de Gesetzesprojet verhënneren datt d'Fed "Produkter oder Servicer direkt un en Individuum" ubidden oder "e Kont am Numm vun engem Individuum ënnerhalen."

In a Twitter thread, Congressman Emmer detailed reasons for his proposed bill. He geschriwwen that CBDCs, such as the one China has introduced, “fundamentally omit the benefits and protections of cash.” He also attested that the policy surrounding the U.S. digital dollar would need to protect financial privacy, maintain the dollar’s “dominance,” and “cultivate innovation.” If these principles were violated, the lawmaker gewarnt, the Fed could become empowered as a retail bank and track personal and financial information “indefinitely.” The congressman also raised concerns over surveillance of financial activity by the Federal Reserve.

Ultimately, Representative Emmer argumentéiert that the Fed’s CBDC must be open to everyone, transactable on a transparent blockchain, and as capable of maintaining privacy as cash. In other words, any CBDC implemented by the Fed muss sinn open, permissionless, and private, he said. He ofgeschloss sinn his Twitter thread by saying, “Simply put, we must prioritize blockchain technology with American characteristics, rather than mimic China’s digital authoritarianism out of fear.”

Representative Emmer has long had a positive stance toward cryptocurrency and blockchain technology. As early as July 2019 he agefouert ginn legislation that sought to protect holders of crypto fork coins (like Bitcoin Cash) from unclear IRS tax guidelines. Later that year, he agefouert ginn a bill to protect token sales from the SEC. In 2021, hie weider his quest to mitigate problematic crypto legislation, such as proposed KYC requirements on self-hosted crypto wallets and blockchain nodes imposed by the U.S. Treasury. 

To its credit, the Fed has not seemed to act hastily on the matter of a digital dollar. Fed Chair Powell has emphasized before the importance of being right, not first.

Offenbarung: Zu der Zäit vum Schreiwen huet den Auteur vun dësem Stéck BTC, ETH a verschidde aner Krypto-Währungen gehéiert.