US lawmaker reintroduces CBDC bill after Trump EO bans digital dollar

Minnesota Representative Tom Emmer, the bulk whip successful the US House of Representatives, has reintroduced authorities aimed astatine preventing national banks from utilizing oregon issuing cardinal slope integer currencies, oregon CBDCs.

In a March 6 notice, Rep. Emmer said helium had brought backmost the CBDC Anti-Surveillance State Act successful the House for lawmakers successful the 119th league of Congress to consider. An earlier mentation of the bill, which the Minnesota Representative archetypal projected successful 2022, passed the House successful May 2024 and had been awaiting information successful the Senate Banking Committee.

Draft of CBDC Anti-Surveillance State Act. Source: Tom Emmer

The projected authorities could change the Federal Reserve Act to prohibit national banks from issuing a integer dollar “or immoderate integer plus that is substantially akin nether immoderate different sanction oregon label,” claiming fiscal privateness concerns. However, US President Donald Trump already signed an enforcement order connected Jan. 23 prohibiting “the establishment, issuance, circulation, and use” of a US CBDC.

“President Trump understands the dangers CBDCs contiguous and has already issued an enforcement bid prohibiting national agencies from exploring one,” said Rep. Emmer. “Now, we indispensable codify this enforcement bid successful instrumentality and permanently prohibition their improvement truthful a aboriginal medication cannot weaponize this exertion against Americans.”

Related: Overturned Chevron deference apt won’t interaction crypto regulation: Tom Emmer

Rep. Emmer said astir 100 Republicans supported the bill. However, it’s unclear whether House oregon Senate lawmakers mean to determination guardant with circumstantial authorities amid Trump’s attempts to grow his authorization done the usage of enforcement orders. Cointelegraph reached retired to Rep. Emmer’s bureau for remark but did not person a effect astatine the clip of publication.

Crypto policies moving forward

On March 7, Trump, crypto and AI czar David Sacks and statesmanlike crypto assembly manager Bo Hines volition attend a crypto summit astatine the White House on with galore manufacture leaders. The US president is expected to denote further details for his projected US crypto reserve, but CBDCs and different issues related to integer assets could besides beryllium discussed.

While the US authorities nether Trump whitethorn person cooled connected immoderate imaginable CBDC plans, different countries are moving forward. Israel released a preliminary design for a integer shekel connected March 3, and the European Central Bank is currently successful the mentation phase exploring the issuance of a integer euro. 

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