CBDC Anti-Surveillance State Act Passes US House in Partisan Vote

by Derek Anderson | Cointelegraph

The CBDC Anti-Surveillance State Act passed the United States House of Representatives on a largely partisan vote on May 23. The bill, which must still face a vote in the Senate, amends the Federal Reserve Act of 1913 to prohibit Federal Reserve banks “from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.”

The Republican-backed bill’s debate was sparsely attended. Republican supporters spoke about the potential for the abuse of a central bank digital currency (CBDC), while Democrats concentrated on innovation, the dollar’s international competitiveness and the bill’s poor drafting.

French Hill, the Chairman of the Financial Services Committee Subcommittee on Digital Assets, Financial Technology and Inclusion, said:

“We live in a world where the government can abuse the tools it has.”

Representative Mike Flood reused his rhetorical device urging the audience to “imagine the politician you despise the most” with control over a CBDC.

Financial Services Committee member Warren Davidson called Project Hamilton “the same creepy surveillance tool” as China’s digital yuan. He said the pilot project “could be developed to something further.” The Fed was not responding to dialog, so it must respond to law, he said. Read Full Article >