US Senator Ted Cruz introduced a bill on March 26 aiming to prevent the Federal Reserve from issuing a central bank digital currency (CBDC).
The “Anti-CBDC Surveillance State Act” seeks to stop the Fed from directly offering certain products or services to American individuals, a crucial aspect of any CBDC.
This bill by the Texas Republican aligns with Minnesota Republican Representative Tom Emmer’s anti-CBDC legislation, reintroduced on March 6. A companion bill, it mirrors the language of another bill introduced in the other chamber of Congress.
Both bills specify that the prohibition should exclude any dollar-denominated currency that is open, permissionless, private, and maintains the privacy protections of US coins and physical currency.
