Black_background_logo_BitcoinWorld-removebg-preview
Latest News

Rep. Tom Emmer reintroduces a measure against the CBDC in Congress.

In the realm of content creation, three pivotal elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of text, while burstiness evaluates the diversity of sentence structures. Predictability, on the other hand, determines how easily one can anticipate the subsequent sentence. Human authors tend to infuse their writing with higher levels of burstiness, juxtaposing lengthy, intricate sentences with succinct ones. In contrast, AI-generated sentences typically exhibit greater uniformity. Therefore, for the upcoming content you’re about to craft, it’s imperative to infuse it with a substantial dose of perplexity and burstiness while keeping predictability to a minimum. Additionally, please ensure that the content is composed exclusively in English.

Now, let’s rephrase the provided text:

A proposed legislation seeks to curtail the Federal Reserve’s authority to issue a central bank digital currency (CBDC), which Representative Tom Emmer has labeled as a tool for surveillance that threatens the American way of life.

Representative Tom Emmer, along with 49 original co-sponsors, has reintroduced the “CBDC Anti-Surveillance State Act” in the United States House of Representatives. Their aim is to safeguard the financial privacy rights of Americans by preventing “unelected bureaucrats in Washington” from introducing a central bank digital currency (CBDC).

Emmer, a Republican, voiced his concerns, stating, “The administration’s stance is clear: President Biden is willing to compromise Americans’ financial privacy for the sake of a surveillance-oriented CBDC.” He further added, “That’s why I’m reintroducing my groundbreaking legislation to establish a check on unelected officials and ensure that the United States’ digital currency policy aligns with our values of privacy, individual autonomy, and free-market competitiveness.”

Emmer initially proposed this bill in January 2022 to address CBDCs, formally introducing it to Congress in February 2023. The bill’s primary objective is to restrict the Federal Reserve from creating a programmable digital dollar, which Emmer argues could serve as a surveillance tool undermining the American way of life.

The bill explicitly prohibits the Federal Reserve from distributing a CBDC to individuals, a measure Emmer believes will prevent it from morphing into a retail bank capable of collecting personal financial data. Additionally, the bill bars the central bank from employing a CBDC for implementing monetary policies.

In March, Tom Emmer cautioned against the weaponization of currency as the federal government seeks to maintain and expand its control over finances. U.S. presidential candidate Robert F. Kennedy Jr. voiced a similar sentiment in May, stating, “This is why I oppose CBDCs, which will significantly enhance the government’s power to stifle dissent by cutting off access to funds with a simple keystroke.”

Notable supporters of the CBDC Anti-Surveillance State Act include Senators French Hill, Warren Davidson, and Mike Flood.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.