Republican Senators introduce bill to safeguard cryptocurrency innovation and stop the creation of CBDC

AP Photo/Mariam Zuhaib

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Senators Ted Cruz, Mike Braun and Chuck Grassley have introduced a bill aimed at preventing the Federal Reserve and the Biden administration from establishing a central bank digital currency (CBDC).

The proposed legislation seeks to ensure that the government does not attempt to centralize or control cryptocurrency, which could potentially stifle innovation and limit individual freedom.

Cruz emphasized the importance of empowering entrepreneurs and enabling innovation, stating that the federal government has no authority to unilaterally establish a CBDC.

He further argued that such a move could lead to the Federal Reserve becoming a retail bank, monitoring the transactions of all Americans and centralizing financial information, making the nation more vulnerable to cyberattacks and economic disruption.

“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said in a press release. “This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom, not stifling it.”

The bill has garnered support for its emphasis on safeguarding financial liberties and preventing increased surveillance of Americans' financial activity.

This comes as a response to growing concerns about the potential risks and implications of CBDCs, with nations such as China, Australia, Japan, India, Russia, and South Korea already exploring the concept. According to a report from the Atlantic Council, CBDCs have already been established in the Bahamas, Nigeria and Jamaica.

The proposed legislation has the potential to become a significant point of discussion in the upcoming Republican presidential primary race. Some candidates, like Gov. Ron DeSantis, have encouraged the prohibition of CBDCs in their respective states, with DeSantis unveiling a proposal this week designed to prohibit the use of CBDCs in Florida.

On the other hand, Gov. Kristi Noem vetoed legislation that would have classified CBDCs as money in South Dakota. It is worth noting that neither DeSantis nor Noem have officially declared their candidacy for the Republican nomination.

In the press release, Grassley commented, "The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government." Braun added that allowing the government to centralize Americans' financial information and increase surveillance of their financial activity is "simply a bad idea."

The introduction of this bill highlights the growing concerns about the potential impact of CBDCs on individual freedoms, financial liberties, and the importance of maintaining a decentralized and innovative approach to cryptocurrency in the United States.