US House Passes Anti-CBDC Bill

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In a party-line vote, the US House of Representatives voted against the Federal Reserve’s plans to develop a central bank digital currency.

The CBDC Anti-Surveillance State Act, proposed by Republican Majority Whip Tom Emmer, aims to prohibit the US central bank from pursuing a digital dollar, citing concerns about government control.

However, Democrats argued that these concerns were exaggerated and that banning the development of a CBDC would hinder progress and innovation in the public sector.

In total, 213 Republicans and three Democrats voted in favor of the bill, while 192 Democrats voted against it.

This is a significant shift from the previous day’s vote, in which 71 Democrats joined 208 Republicans to pass the Financial Innovation and Technology for the 21st Century Act, which gives more authority to the US Commodity Futures Trading Commission in regulating digital assets.