Minnesota representative Tom Emmer, most of the whip in the US House of Representative, is re -understood by the law aimed at preventing federal banks from using or issuing digital currencies to the digital bank, or CBDCs.
In a notice on March 6, Rep. EMMER Says He returned the CBDC Anti-Surveillance State Act to the Chamber for lawmakers in the 119th session of Congress to consider. An earlier version of the bill, first suggested by the Minnesota representative in 2022, pass the house in May 2024 and awaited a consideration of the Senate Banking Committee.
DRAFT of CBDC Anti-Surveillance State Act. Source: Tom Emmer
The proposed law may Replace The Federal Reserve Act to inhibit federal banks from issuing a digital dollar “or any digital possession that is largely similar to any other name or label,” which claims financial privacy concerns. However, US president Donald Trump who is Signed an Executive Order On January 23 prohibiting the “establishment, release, circulation, and use” of a US CBDC.
“President Trump understands the dangers of the CBDCs and has released an executive order that prohibits federal agencies from exploring one,” Rep. EMMER. “Now, we must codify this executive’s command in law and permanently inhibit their development so that a future administration cannot welcome this technology against the Americans.”
Related: Overturned Chevron Deference is unlikely to affect crypto regulation: Tom Emmer
Rep. Emmer said about 100 Republicans supported the bill. However, it is unclear whether House or Senate lawmakers aim to advance to specific law amid attempts to expand his authority by using executive orders. Cointelegraph reached the office of Rep. Emmer for commenting but did not receive a response at the time of publication.
Crypto policies are moving forward
On March 7, Trump, Crypto and Ai Czar David Sacks and director of the President’s Council Bo Hines Will Attend a crypto summit In the White House with many industry leaders. The President of the United States is expected to announce further details for his suggested US crypto reserve, but CBDCs and other issues related to digital assets may also be discussing.
While the US government under Trump may cool down with any potential CBDC plans, other countries are moving forward. Israel Released an initial design for a digital shekel on March 3, and the European Central Bank is Present at the preparation phase Exploring the release of a digital euro.
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