U.S. House Republicans Oppose CBDC Legislation
Following committee approval, a crypto-related bill intended to block a future U.S. central bank digital currency is now headed for discussion on the floor of the U.S. House of Representatives, signalling further progress for digital assets legislation in Congress.
Republicans on the House Financial Services Committee approved legislation that, according to the panel’s chairman, Rep. Patrick McHenry (R-NC), would ensure “any U.S. CBDC must be explicitly authorised by Congress” and “protects Americans’ privacy and our financial system from the risks a CBDC would pose.”
House lawmakers have urged Congress to prevent the creation of a digital dollar before it’s conceived. The bill aims to ban CBDC pilot programs, outlaw the Federal Reserve’s retail digital currency for citizen surveillance, and require Congress to empower progress on a government-backed token. However, the Senate Banking Committee, led by Sen. Sherrod Brown, opposes the bill, as it doesn’t share Republican sympathies with the digital assets industry. The House’s progress on CBDC legislation is unprecedented, but its future in the Senate remains uncertain.
(With inputs from Shikha Singh)
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