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 should not develop, create, or implement a central bank digital currency (CBDC) or use it for monetary policy. The bill cites concerns that CBDCs could lead to dystopian state surveillance, increased government control over payments, financial censorship, and the undermining of free speech and financial independence, drawing comparisons to China's digital yuan and Canada's response to protests.
Date Introduced:
2023-07-27
Status:
Introduced and Sponsored
Stance on Crypto:
Very Pro-Crypto
Links:
Primary Commentary:
Primary Commentary:
This bill is strongly pro-crypto because it directly opposes the development of a Central Bank Digital Currency (CBDC). The DTSI Crypto Evaluation Framework views CBDCs as inherently negative, as they are seen to increase state power for surveillance and control, potentially leading to financial censorship and undermining individual financial independence. The resolution's rationale, which highlights concerns about government overreach, surveillance, and the potential for financial censorship, directly aligns with the anti-CBDC stance embedded in the framework. By advocating against a state-controlled digital currency, the bill implicitly champions the values of financial privacy and freedom often associated with decentralized cryptocurrencies, preventing a significant threat to the crypto ecosystem's foundational principles.
Congress members who support this bill
Additional Commentary
No additional commentary for this bill yet