U.S. House Passes Bill Banning Federal Reserve From Issuing a CBDC

u.s. house passes bill banning federal reserve from issuing a cbdc

U.S. Capitol Building (Louis Velazquez/Unsplash)

The U.S. House of Representatives voted largely along party lines to prevent the Federal Reserve from issuing a central bank digital currency.

The CBDC Anti-Surveillance State Act, introduced by Majority Whip Tom Emmer (R-Minn.), seeks to block the U.S. central bank from continuing efforts toward the development of a digital dollar. Republicans expressed concerns that a U.S. CBDC could be used to control Americans.

Democrats said during debate before Thursday's vote that the concerns were overblown and a ban would block public sector innovation and research. Overall, 213 Republicans and three Democrats voted for the bill, while 192 Democrats voted against it.

Thursday's vote count is a far cry from a vote the day before, when 71 Democrats joined 208 Republicans in voting for the Financial Innovation and Technology for the 21st Century Act, a crypto market structure bill that would give the U.S. Commodity Futures Trading Commission greater spot market authority over digital assets and spells out how another key U.S. markets regulator, the Securities and Exchange Commission, can approach the sector.

Industry participants hailed Wednesday's vote, the first for a bill focused solely on crypto market issues, as a sign that the sector was finally receiving recognition as being significant.

"The House passage of FIT21 represents a watershed moment and badge of Congressional validation for the crypto industry in the United States," said Kristin Smith, who heads up the Blockchain Association, an industry lobby group.

Nicole Valentine, the director of FinTech at the Milken Institute, similarly called the passage a "welcome step."

However, both the market structure and the anti-CBDC bills seem headed toward similar fates in the Senate – going nowhere – given that half of congress does not have a counterpart for either piece of legislation.

OTHER NEWS

12 minutes ago

Newly identified tipping point for ice sheets could mean greater sea level rise

12 minutes ago

UK heatwave: Exact date sweltering 35C plume of hot air will surge through Europe to the UK

12 minutes ago

Land Rover Defender 130 pick-up on sale for £157,000

12 minutes ago

Rallying-Ogier to miss Rally Poland after pre-event collision

12 minutes ago

Wealthy white couple allegedly kept their black adopted children as slaves, locked them in barn: report

12 minutes ago

Biden ghostwriter may be held in contempt of Congress for not turning over materials in classified docs probe

12 minutes ago

NY pols’ ‘cooling center’ cold shoulder is shameful

12 minutes ago

Eighties hunky model Fabio Lanzoni, 65, is seen for the 1st time in 3 years as he covers his sculpted body in a robe outside his Los Angeles home

12 minutes ago

Fury as McDonald's new $5 meal deal costs far more than expected

12 minutes ago

Kesha shows off her sexy sculpted bikini body in Mexico - after speaking candidly about cruel social media comments and eating disorder battle

14 minutes ago

Palmer cameo a chink of light amid England gloom

16 minutes ago

Thousands of Three Lions fans stunned after England draw with Slovenia

16 minutes ago

Who could England play in the Euro 2024 last 16 and when is their next game?

16 minutes ago

At least 2 are dead from catastrophic Midwest flooding and a Minnesota dam is at risk of failing

16 minutes ago

5 “trading back” scenarios for the Suns on Draft Night

16 minutes ago

Ottawa Senators Acquire Linus Ullmark From Boston Bruins: Another Goalie Sweepstakes Ends

16 minutes ago

Sevens star Caslick reveals Wallaroos World Cup dream

16 minutes ago

Christina Applegate's daughter, Sadie, says her own medical issues helped her understand mom's MS

16 minutes ago

Pakistan’s ambassador in Tunis visits URICA in Sfax, discusses prospects of bilateral cooperation

16 minutes ago

NBB Partners with AlMabarrah AlKhalifia Foundation to Launch University Preparatory Programme “Watheq”

16 minutes ago

Chase Briscoe officially signs with Joe Gibbs Racing for 2025

16 minutes ago

Doctor explains Celine Dion's spasm caused by stiff person syndrome

16 minutes ago

Watch to discover how this Mzansi renovated and decorated RDP home into modern abode

16 minutes ago

Analysis: Bryson DeChambeau had his chances to make the Olympics

16 minutes ago

Lewandowski scores as Poland hold Kounde’s France in Group D finale

16 minutes ago

First Nations, Ottawa, B.C., announce $335M for protection off Great Bear coast

16 minutes ago

Pembina, Haisla First Nation give green light to proposed US$4B LNG project

16 minutes ago

How College Football Realignment Should Have Looked

16 minutes ago

Shohei Ohtani’s Debut Signature Shoe Has Arrived

16 minutes ago

The truth and lies behind one of the most banned books in America

16 minutes ago

Tracking the underground bike theft economy

16 minutes ago

Mosquito tests positive for West Nile virus in Carrollton

16 minutes ago

Miniverse toy sets recalled over risk of skin, respiratory irritation

20 minutes ago

Not drinking enough could see motorists doubling their risk of accidents in summer

20 minutes ago

Who else should join Aaron Donald as a lock for Rams Mount Rushmore?

20 minutes ago

Scottie Scheffler Admits Difficulties Competing Against Tom Kim

20 minutes ago

Beer cups thrown at Gareth Southgate after dismal draw with Slovenia

20 minutes ago

PPE worth £1.4bn from single Covd deal destroyed or written off

20 minutes ago

England struggle again at Euro 2024 but will play last-16 tie this Sunday

20 minutes ago

Video: Kylian Mbappe appears to call Robert Lewandowski a 'son of a b***h' after colliding with future El Clasico rival at Euro 2024... leaving the France captain in agony amid broken nose