- Texas Congressman seeks defense bill amendment to bar US CBDC.
- Action aligns with previous executive order against CBDCs.
- Federal Reserve restricted from issuing digital dollar under new proposal.
Keith Self, a Republican Congressman from Texas, filed an amendment to the National Defense Authorization Act to prevent the Federal Reserve from implementing a central bank digital currency.
This legislative move could influence the trajectory of U.S. monetary policy and potentially impact the broader crypto market dynamics, emphasizing privacy concerns surrounding state-controlled digital currencies.
In a significant political maneuver, U.S. Congressman Keith Self has proposed an amendment to the National Defense Authorization Act (NDAA) aiming to block the Federal Reserve from launching any U.S. Central Bank Digital Currency (CBDC) projects.
Drawing on previous legislative efforts, Rep. Tom Emmer’s H.R.1919 Act, Self targets the Federal Reserve to halt all CBDC-related activities. This follows former President Trump’s executive order against developing a digital currency framework.
Should this amendment pass, the Federal Reserve’s exploratory endeavors into U.S. CBDCs would cease, impacting potential plans for a digital dollar. The proposal directly challenges any future administration’s ability to reverse this course.
The move reflects a broader resistance within the House GOP, highlighting ongoing debates over financial privacy and surveillance concerns tied to a potential digital dollar. Policymakers emphasize prohibiting Federal Reserve involvement in CBDCs without legislative backing.
The amendment aims to codify the anti-CBDC stance, building upon executive action with longer-term statutory resistance. This aligns with Republican efforts to curb surveillance risks associated with central bank digital currencies.
Historical legislative actions, such as the Anti-CBDC Surveillance State Act, demonstrate a pattern of confronting financial privacy issues. The amendment underscores a political commitment to maintaining financial independence from central bank digital currency influences.
“This ‘Anti-CBDC Surveillance State’ amendment will provide statutory assurance that the Federal Reserve cannot create a digital dollar that could infringe on Americans’ financial privacy.” – Rep. Keith Self (R-TX-3)
