Minnesota Representative Tom Emmer has revived his efforts to prevent the U.S. government from creating a digital dollar, reintroducing his bill to Congress on March 6. Emmer’s move aims to safeguard financial privacy, a key concern for many of his supporters.
First introduced in 2022, Emmer’s bill gained momentum when it was approved by the House of Representatives in May 2024. However, it stalled in the Senate, leaving the proposal in limbo. Emmer’s reintroduction of the bill comes after former President Donald Trump signed an executive order in January 2023 that temporarily blocked the creation of a U.S. digital dollar.
The “CBDC Anti-Surveillance State Act,” as the bill is known, seeks to permanently prohibit the Federal Reserve from creating a digital dollar or any similar form of central bank digital currency (CBDC). Emmer argues that, while Trump’s executive order provides temporary relief, it is not enough to prevent future administrations from reversing the decision. He insists on codifying the ban into law to ensure that no future president can use digital currency as a tool for surveillance.
Emmer’s bill has garnered support from around 100 Republican lawmakers, although its chances of passing remain uncertain. Critics of the proposed digital dollar argue that it could enable the government to monitor and control individuals’ financial transactions, a fear that Emmer and his supporters are eager to address.
As the debate over digital currency intensifies, former President Trump is hosting a crypto summit at the White House, where he will be joined by cryptocurrency and AI expert David Sacks, and presidential advisor Bo Hines. The summit will focus on the future of digital money in the U.S., although it remains unclear whether the topic of a U.S. digital dollar will be discussed.
While the U.S. holds off on adopting a digital currency, other nations are pressing ahead with their own plans. Israel unveiled its design for a digital shekel on March 3, and the European Central Bank is continuing its work on a digital euro.
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