By by Norbert Michel | Forbes
Politico is reporting that a group of House conservatives are trying to tie a vote on Rep. Tom Emmer’s (R-MN) central bank digital currency bill to a deal on broader cryptocurrency legislation. According to the article, the main reason to avoid this strategy is that it risks“isolating the few Democrats” who support Rep. McHenry’s (R-NC) broader legislation.
Setting aside which members support broader crypto bills, stopping the Fed from issuing a CBDC should not be the partisan issue it is becoming. A CBDC gives the government untold economic power—irrespective of which party is in charge.
Launching a CBDC has nothing to do with losing a technology race, spurring faster payments, or protecting the U.S. dollar’s status as the world’s reserve currency. Regardless of what Rep. Stephen Lynch (D-MA) thinks, stopping the Fed from launching a CBDC does not equate to “sticking our head in the sand.” Read Full Article >
