US lawmakers are reviewing a bill this week that would prevent the Federal Reserve from carrying out experiments related to the use of a central bank digital currency (CBDC).
Congressman Alex X. Mooney (R-WV) introduced the “Digital Dollar Pilot Prevention Act” in May.
The potential law, labeled H.R. 3712, aims to close a loophole that would allow the Federal Reserve to run a pilot program designed to test the feasibility of issuing a CBDC.
Last Friday, Representative Patrick McHenry (R-NC), the Chairman of the House Financial Services Committee, announced a markup on H.R. 3712 and a handful of other bills.
Said Mooney when he announced the potential legislation,
“Congress cannot give an inch when it comes to CBDCs. CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent.
That’s why closing this pilot program loophole is so important – to prevent the Federal Reserve from bypassing the will of Congress. I am proud to introduce this legislation to do exactly that.”
Meanwhile, House Majority Whip Tom Emmer is reintroducing the “CBDC Anti-Surveillance State Act.” Emmer says that the new bill attempts to prohibit the Fed from issuing a retail CBDC “while protecting innovation and any future development of true digital cash.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post US Lawmakers To Review Bill on Preventing Creation of CBDC This Week appeared first on The Daily Hodl.
