CBDC Anti-Surveillance State Act passes US House in partisan vote
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: May 23 2024- CBDC Anti-Surveillance State Act: Passed in the U.S. House of Representatives, aims to limit Federal Reserve banks from offering certain products or services directly to individuals and restrict the use of central bank digital currency for monetary policy.
- Debate Highlights: Republicans express concerns about potential abuse of CBDCs, while Democrats focus on innovation and international competitiveness of the dollar.
- Key Arguments: Discussions include comparisons between New York Fed's Project Hamilton and China's digital yuan, references to Orwell's 1984, and concerns about privacy and user control over CBDCs.
- Implications of the Bill: Disputes arise over the bill's impact on retail and wholesale CBDCs, potential restrictions on Federal Reserve holdings, and risks to the U.S. dollar's global primacy.
- Alternative Proposal: Financial Services Committee member Jake Auchincloss suggests the "Power of the Mint Act" as an alternative to achieve similar goals without the perceived drawbacks of the CBDC Anti-Surveillance State Act.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
