THELOGICALINDIAN - Rep Tom Emmer emphasized the call of prioritizing blockchain technology but with American characteristics
U.S. Representative Tom Emmer (R-MN) has alien a bill prohibiting the Federal Reserve from arising its own axial coffer agenda bill (CBDC) anon to individuals. The Congressman warned of the hypothesis of the U.S. activity bottomward “an insidious path” of “digital authoritarianism” affiliated to China.
CBDCs: A Dire Warning
Following Fed Chair Jerome Powell’s affidavit afore the U.S. Senate Banking Committee bygone in which he said the Fed’s CBDC address would be appear “within weeks,” one U.S. Representative seems to be fearful.
Today, U.S. Congressman Tom Emmer introduced a bill that would anticipate the Federal Reserve coffer from arising a axial coffer agenda bill anon to individuals. The bill apology Section 13 of the Federal Reserve Act.
In accession to the CBDC limitations, the bill would anticipate the Fed from alms “products or casework anon to an individual” or “maintain[ing] an annual on account of an individual.”
In a Twitter thread, Agent Emmer abundant affidavit for his proposed bill. He wrote that CBDCs, such as the one China has introduced, “fundamentally omit the allowances and protections of cash.” He additionally accurate that the action surrounding the U.S. agenda dollar would charge to assure banking privacy, advance the dollar’s “dominance,” and “cultivate innovation.” If these attempt were violated, the administrator warned, the Fed could become empowered as a retail coffer and clue claimed and banking advice “indefinitely.” The agent additionally aloft apropos over surveillance of banking action by the Federal Reserve.
Ultimately, Representative Emmer argued that the Fed’s CBDC charge be accessible to everyone, transactable on a cellophane blockchain, and as able of advancement aloofness as cash. In added words, any CBDC implemented by the Fed must be open, permissionless, and private, he said. He concluded his Twitter cilia by saying, “Simply put, we charge accent blockchain technology with American characteristics, rather than actor China’s agenda absolutism out of fear.”
Representative Emmer has continued had a absolute attitude against cryptocurrency and blockchain technology. As aboriginal as July 2019 he introduced legislation that approved to assure holders of crypto angle bill (like Bitcoin Cash) from cryptic IRS tax guidelines. Later that year, he introduced a bill to assure badge sales from the SEC. In 2021, he continued his adventure to abate ambiguous crypto legislation, such as proposed KYC requirements on self-hosted crypto wallets and blockchain nodes imposed by the U.S. Treasury.
To its credit, the Fed has not seemed to act agilely on the amount of a agenda dollar. Fed Chair Powell has emphasized afore the accent of actuality right, not first.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
