House passes bill to prevent creation of CBDCs

house passes bill to prevent creation of cbdcs

House passes bill to prevent creation of CBDCs

The U.S. House of Representatives has voted against the Fed putting dollars on a blockchain (or something similar).

Why it matters: Central bank digital currencies, known as CBDCs, are a growing trend around the rest of the world, but the U.S. has dragged its feet.

  • If House Majority Whip Tom Emmer (R-Minn.) has his way, explorations of CBDCs in Washington will go to a dead stop.

The latest: In a vote of 216-192, H.R.5403, the CBDC Anti-Surveillance State Act, passed Congress's lower chamber.

  • According to House staff, three Democrats voted in favor, no Republicans voted against.
  • That's a much smaller turnout from the minority than on Wednesday's crypto regulation bill.

What they're saying: "This bill is simple: It halts the efforts of this Administrative State under President Biden from issuing a financial surveillance tool that – if not done correctly - will fundamentally alter the lives of every American," Rep. Tom Emmer, the bill's author, said on the House floor Thursday.

Rep. Dusty Johnson (R-S.D.) voted for the bill, citing how the Canadian government used bank accounts to shut down the trucker protest there as one of his reasons.

Reality check: The Biden administration in 2022 encouraged the Federal Reserve to continue research into the possibility of a CBDC, but had outlined no specific plans to create one.

💭 Our thought bubble: For those not steeped in blockchain culture, it might seem surprising that Emmer, a proponent of the cryptocurrency industry, would oppose governments getting involved in the technology.

  • Technologies can be used in all kinds of ways, however, and Emmer fears that, though many cryptocurrencies so far have enhanced privacy, the U.S. government will use them to more closely scrutinize citizens.

What's next: When it comes to crypto legislation, we sound like a broken record here, but... It's on to the Senate.

Get the rundown of the biggest stories of the day with Axios Daily Essentials.

OTHER NEWS

32 minutes ago

Terrified calf called Beau Lucy who was rammed by police squad car after escaping is recovering but could 'die from shock', farmer's partner reveals - amid fury at 'heavy-handed' cops

32 minutes ago

Video: Terrified calf called Beau Lucy who was rammed by police squad car after escaping is recovering but could 'die from shock', farmer's partner reveals - amid fury at 'heavy-handed' cops

32 minutes ago

Viral video of sorority girls 'strolling' to X-rated rap sparks fury over 'cultural appropriation'

33 minutes ago

Brands and politics have become melded in the public mind: Edelman

34 minutes ago

Scoring from unlikely sources helps the Oilers stay alive in the Stanley Cup Final

34 minutes ago

Soccer-Cuddles and kicked backsides needed to lift Scots, says Clarke

34 minutes ago

11 Celebs Who Turned Down White House Invites (And Why)

34 minutes ago

Gardener warned about 'adorable' plant that could take over backyard: 'Don't be fooled or tempted by its beauty'

34 minutes ago

Deadly Toll in Greece as Heat Waves Sweep the Country

37 minutes ago

Guy Haymes death: Why Jayson Brett Dal Molin didn't face court after being charged with murder of much-loved surfer on Sydney's northern beaches

37 minutes ago

RPG Devs Can't Add Dating System Because Team Lacks 'Real Life Experience'

38 minutes ago

Emma Raducanu turns down Olympics wild card – but Andy Murray in Team GB squad

38 minutes ago

Mathematician Reveals 'Equals' Has More Than One Meaning in Math

38 minutes ago

Candidates race into France's snap legislative poll but one convicted for spousal assault withdraws

38 minutes ago

Treasury Secretary Janet Yellen says use of Russian assets from Ukraine is not 'theft' despite Putin's claims

39 minutes ago

Maine police kill armed man after a night of gunfire and burned homes

39 minutes ago

How Apple, Microsoft and 3 other tech giants can make money with AI geared to consumers

39 minutes ago

Guy Haymes death: Why Jayson Brett Dal Molin didn't face court after being charged with murder of much-loved surfer on Sydney's northern beaches

42 minutes ago

‘We Thank PM Modi’: Sharad Pawar’s Remark With Allies Stings BJP

43 minutes ago

Nick Jonas and Adrienne Warren to Star in ‘Last Five Years’ on Broadway

44 minutes ago

Celtics Fans Send Desperate Plea to Jayson Tatum Ahead of NBA Finals Game 5

44 minutes ago

Inside Finland’s first NATO mission with UK forces in show of strength to Putin

44 minutes ago

Las Vegas Raiders post-minicamp starting offense projection: Who's QB?

44 minutes ago

Six MAD Shorts heading to the Toronto Arab Film Festival

44 minutes ago

Kate Middleton's 'perfect' Father's Day photo of Prince William and their children sends royal fans into a frenzy as they say they're left in tears over sweet 'we love you, Papa!' message

44 minutes ago

Dozens of firefighters tackle raging inferno inside flat in London tower block - as four people are rushed to hospital

44 minutes ago

Biden slams the Supreme Court and rips into Trump at Jimmy Kimmel-hosted celebrity fundraiser attended by Obama, George Clooney and Julia Roberts

44 minutes ago

Eat more protein and less carbs if you want to lose weight and feel less hungry, new study suggests

47 minutes ago

'Dan Hurley just used and abused the Los Angeles Lakers.' — Skip on Hurley deciding to stay at UConn

48 minutes ago

Hamburg police shoot man with axe and ‘Molotov cocktail’ ahead of Euro 2024 game

49 minutes ago

Houston native making Hollywood dreams come true, and wants to bring some of it back to Space City

49 minutes ago

Scorching heat, rising humidity in Chicago's forecast Sunday, along with threat of storms

50 minutes ago

CBIC mounting multi-modal awareness against frauds in name of Customs

50 minutes ago

He's played 70 games for Ten Hag: Man Utd eye 42m Branthwaite rival

50 minutes ago

WNBA All-Star Fires Stern Message To Players Who Want Caitlin Clark To Fail

50 minutes ago

Jack Draper WINS his first ATP Tour title as new Brit No 1 comes from a set down to beat Matteo Berrettini in the Stuttgart Open final

50 minutes ago

Woman who spent 43 years in prison has conviction overturned as case takes shocking twist

50 minutes ago

Serbia vs England - Euro 2024: Live score, team news and updates as the Three Lions quest to 'Bring Football Home' gets underway against a Serbian team led by Mitrovic and Dusan Tadic

55 minutes ago

Data analyst reveals the state where gas prices are expected to increase to $10 per gallon

55 minutes ago

Video: Three Lions fans' booze-up kicks off ahead of England's Euros clash with Serbia TODAY - with new video showing supporters singing chorus of '10 German Bombers' in defiance of FA and police