Rep. Emmer and Trump unite against CBDCs, citing privacy concerns
United States Representative Tom Emmer agreed with former President Donald Trump’s view of central bank digital currencies (CBDCs) as a threat to financial privacy.
Emmer, who is the majority whip of the U.S. House of Representatives, voiced his concerns in a post on X (formerly Twitter) on Jan. 19, echoing Trump’s apprehensions about CBDCs and their potential threat to financial privacy.
On Jan. 17, during a campaign speech in New Hampshire, Trump pledged to prevent the U.S. Federal Reserve from introducing a CBDC in the United States if elected president for a second time.
I agree with President Trump; CBDCs pose a serious threat to Americans' right to financial privacy.
— Tom Emmer (@GOPMajorityWhip) January 19, 2024
I look forward to working with him as we continue the fight against the expanding government surveillance state.
Trump’s strong opposition to CBDCs is due to concerns about the risks of de-banking and the potential for misuse of the currency by political actors.
Emmer expressed his dedication to working with Trump to oppose what they both perceive as an expansion of government surveillance, citing his CBDC Anti-Surveillance State Act, which is backed by 75 co-sponsors.
The proposed anti-CBDC legislation, if passed, would serve as a crucial safeguard to limit government surveillance of individuals’ financial transactions.
Related: Florida governor, who pledged CBDC ban, comes in second in Iowa Caucus
It’s worth noting that despite Trump’s historical disapproval of Bitcoin and cryptocurrencies during his presidency, he has ventured into the crypto space with the introduction of three non-fungible token (NFT) collections since leaving office.
Trump made 1,075 ETH from his NFT collections, which recently included his infamous mugshot that was captured when he surrendered himself to authorities in Georgia in August.
In the fight against CBDCs, bills against referring to a CBDC as money have been filed in the states of Utah, South Carolina, South Dakota, and Tennessee. The bills would exclude a CBDC from the definition of money and could create significant roadblocks to a CBDC in the United States.
Magazine: HK game firm to buy $100M crypto for treasury, China/UAE CBDC deal: Asia Express
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Solana-based social graph protocol Tapestry raises $5.75 million in Series A funding
Tapestry raised $5.75 million in a Series A round co-led by Union Square Ventures and Fabric Ventures.Tapestry is a Solana-based social graph protocol designed to create an ecosystem of applications with social features.
The Daily: Trump 'receptive' to an 'America-first' crypto reserve, XRP hits new all-time high and more
President-elect Donald Trump is open to creating an “America-first” crypto reserve prioritizing U.S.-based coins like USDC, SOL and XRP, the New York Post reported, citing sources familiar with the matter.XRP hit a new all-time high of around $3.39 via major crypto exchanges on Thursday for the first time since January 2018, following a 16% surge in 24 hours and a 455% rise over the past quarter.A Litecoin ETF is the “most likely” next spot crypto ETF to be approved in the U.S., according to Bloomberg anal
Ripple CEO Says SEC's Opening Brief Is 'Definition of Insanity'
BTC breaks through $99,000