Is The Bill "Expressing the sense of the House of Representatives that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee should not be permitted to develop, create, or implement a central bank digital currency, or use any such tool to implement monetary policy." Crypto Friendly?
Description:
This resolution expresses the sense of the House of Representatives that the Federal Reserve System and the Federal Open Market Committee should not be permitted to develop, create, or implement a central bank digital currency (CBDC). It contends that CBDCs, exemplified by China's digital yuan, are tools for state control, surveillance, and financial censorship, which could compromise free speech, undermine financial independence, and stifle innovation within the financial sector.
Date Introduced:
Status:
Introduced and Sponsored
Stance on Crypto:
Very Pro-Crypto
Links:
Primary Commentary:
Primary Commentary:
This bill is highly favorable to the crypto industry, as it explicitly opposes the development and implementation of a central bank digital currency (CBDC) in the United States. The evaluation framework treats CBDCs negatively due to their potential to increase state power for surveillance and control. The resolution's arguments directly align with these concerns, highlighting risks of financial censorship, monitoring of transactions, and the stifling of private sector innovation. By advocating against a US CBDC, the bill aims to prevent a significant potential competitor to and regulatory threat against decentralized cryptocurrencies and stablecoins. This stance is seen as protective of financial independence and privacy, countering potential government overreach in the digital currency space.
Congress members who support this bill
Additional Commentary
No additional commentary for this bill yet