House of Representatives halts Fed's CBDC plans with new legislation
The House of Representatives voted 216-192 to pass the CBDC Anti-Surveillance State Act, effectively prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC), as reported by the Washington Examiner.
The bill was championed by House Majority Whip Tom Emmer (R-MN) and aims to prevent government overreach and safeguard financial privacy. The legislation restricts the Fed from both direct and indirect distribution of a CBDC to individuals, citing concerns over personal financial data collection.
Moreover, it bars the central bank from leveraging a CBDC to conduct monetary policy.
Emmer has vocally criticized the potential for a CBDC to mirror surveillance tools used by authoritarian regimes, mentioning China’s digital renminbi as an example. He asserts that the bill is crucial for maintaining privacy, individual sovereignty, and the competitive free market.
While some Democrats argue that the legislation could stifle the US’s competitive edge in digital currency innovation, conservative groups like Heritage Action advocate for the bill as a defense against government intrusion into personal finances.
The Federal Reserve has previously explored the concept of a CBDC, including a trial with major banks and a public comment period to gauge interest and concerns.
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
Nintendo expands its SNES collection with Fatal Fury 2 and two more games
Share link:In this post: Nintendo Switch Online expands its SNES Switch Online basic collection with three new games. The Japanese gaming company added Fatal Fury 2, Super Ninja Boy, and Sutte Hakkun. Gamers can also get tiered access to other prolific retro game platforms through online subscriptions.
Ripple requests an extended due date of April 16 for its brief in SEC case
Share link:In this post: Ripple asked for an April 16, 2025, deadline to file its brief in the ongoing SEC case over XRP sales. The SEC appealed a 2023 court ruling that said XRP retail sales weren’t securities, claiming the decision was flawed. Ripple’s legal team dismissed the SEC’s arguments as weak, while Better Markets backed the regulator, calling Ripple’s marketing misleading.
MicroStrategy to redeem $1.05B in 2027 convertible notes with share settlements
Share link:In this post: MicroStrategy redeems $1.05B in 2027 convertible notes, offering investors the option to convert into shares before February 20. The company recently bought $1.1B in Bitcoin, fueling speculation it may use redeemed funds for additional crypto purchases. MicroStrategy faces potential tax challenges on unrealized crypto gains under the Inflation Reduction Act, though exemptions may be possible.
MicroStrategy to redeem $1.05 billion in convertible notes amid crypto tax uncertainty
A note will be converted at a rate of 7.0234 shares of MicroStrategy’s class A common stock (MSTR) for every $1,000 of the principal amount.The move could be an attempt to mitigate the firm’s debt and to entice noteholders to convert to company equity.
Trending news
MoreCrypto prices
More
