Support for Tom Emmer's 'CBDC Anti-Surveillance State Act' continues to grow, with 75 Congress members backing the initiative.

United States Representative Tom Emmer It's been announced that the CBDC Anti-Surveillance State Act has amassed support from 75 Congressional co-sponsors, with ongoing initiatives to gain further backing.

The CBDC Anti-Surveillance State Act aims to restrict the direct issuance of central bank digital currency (CBDC) to individuals, as well as its indirect issuance via intermediaries. The legislation also sets forth measures to limit the Federal Reserve's ability to utilize any CBDC for monetary policy purposes. Federal Reserve The Congressman believes that digital assets represent an urgent and often overlooked matter within US politics, spanning both state and federal levels. Emmer points to a generational gap, suggesting that some Americans may push back against initiatives that threaten the digital landscape, emphasizing the importance of having lawmakers who are well-versed in technology.

My legislation, designed to safeguard the financial privacy rights of Americans, the CBDC Anti-Surveillance State Act, boasts 75 co-sponsors, and we aim to keep building on that momentum.

The US is examining the potential future of Central Bank Digital Currencies (CBDCs), a government-issued digital form of currency often represented as tokens that correspond to the country's fiat currency. As nations assess the pros and cons of CBDCs, the United States is involved in discussions and trial programs aimed at evaluating the viability of bringing forth a digital dollar.

Currently, the Federal Reserve is engaged in pilot testing for CBDCs, but a definitive commitment to implementing one remains absent. Such a decision would require backing from the executive branch.

In recent years, CBDCs In a recent update, Bank of America (BAC) expressed that the introduction of a digital dollar isn't expected anytime soon.

The implications of CBDCs come with both advantages and challenges, largely influenced by how they are designed and issued. Nonetheless, there are optimistic expectations about their potential to enhance the efficiency and cost-effectiveness of both domestic and cross-border payment systems, serve as a tool for monetary policy execution, and promote greater financial inclusion. US Congress .

Tom Emmer's advocacy for the CBDC Anti-Surveillance State Act underscores growing concerns regarding the impact of CBDCs on the nation’s monetary policy, adding layers of uncertainty to the future trajectory of CBDCs in the United States, even amidst their predicted benefits.

Please be advised that the information presented here is not meant to serve as legal, tax, investment, or financial advice. It's essential to only invest what you can afford to lose and seek independent financial guidance whenever there are uncertainties. For additional details, we recommend checking the terms and conditions, alongside the help and support pages from the issuer or advertiser. MetaversePost is dedicated to providing accurate and neutral reporting; however, market conditions can fluctuate without prior notice. CBDCs Alisa, an insightful journalist at Cryptocurrencylistings, focuses on various aspects of cryptocurrency, zero-knowledge proofs, investments, and the broader Web3 landscape. With a sharp awareness of emerging trends and technological advancements, she offers in-depth reports that enlighten and engage readers navigating the fast-paced world of digital finance.

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