Maxine Waters, a senior member of the US Democratic Party and a former chair of the House Financial Services Committee, is said to have voiced unhappiness with the Republican Party’s stance on the Central Bank Digital Currency (CBDC) bill. This is according to Coincu. Waters slammed what she called the GOP’s “anti-innovation stance” about the plan.
The “CBDC Anti-Surveillance State Act,” or HR 5403, was proposed last week by Minnesota Representative Tom Emmer. It aims to stop central banks from issuing CBDCs to people directly. There are 50 Republican co-sponsors for this bill.
This Wednesday, the US House of Representatives will vote on a bill called the “CBDC Anti-Surveillance State Act” that aims to stop the Federal Reserve from being involved in the creation of a CBDC. On the same day, a different CBDC-related bill will also be addressed. According to the Power to Mint Act, H.R. 3402, which was put up by Reps. Jake Auchincloss (D-Mass.) and French Hill (R-Ark.), the central bank would need Congressional approval before issuing a CBDC.
The Federal Reserve revealed its continued investigation into the possible hazards and advantages of CBDCs in its most recent statement in April 2023, concentrating on their potential to improve the US payments system. Emmer’s measure reflects growing public and policy worries about CBDCs, with many people worrying they could result in more surveillance and stifle financial industry innovation. The controversy over these measures serves as a reminder of how difficult it is to regulate digital currencies in the US.