Is The Bill "Cease Orwellian Surveillance and Targeting Act of 2023" Crypto Friendly?
Description:
This bill proposes amendments to the Federal Reserve Act to explicitly prohibit the Federal Reserve Board and Federal Reserve banks from minting or issuing a Central Bank Digital Currency (CBDC). It also prevents Federal Reserve banks from directly offering products or services to individuals or entities, outside of traditional financial institutions. Furthermore, the bill prohibits any person from holding or owning CBDCs, whether issued by the United States or a foreign country.
Date Introduced:
2023-07-27
Status:
Introduced and Sponsored
Stance on Crypto:
Very Pro-Crypto
Links:
Primary Commentary:
Primary Commentary:
The bill's primary objective is to prevent the issuance of a U.S. Central Bank Digital Currency (CBDC) and to prohibit the ownership of any CBDC, foreign or domestic. The crypto evaluation framework treats CBDCs negatively, viewing them as tools that increase state power for surveillance and control. By explicitly banning a U.S. CBDC and restricting access to foreign CBDCs, this legislation directly counters what the framework considers a threat to financial privacy and individual liberty. Preventing the creation of a state-controlled digital currency removes a potential competitor to decentralized cryptocurrencies and private stablecoins, aligning with a preference for permissionless and less controlled financial systems. The bill's strong stance against CBDCs is a clear pro-crypto signal, as it seeks to protect the ecosystem from a form of digital money associated with increased government oversight.
Congress members who support this bill
Additional Commentary
No additional commentary for this bill yet