Five US senators have joined hands to counter US President Joe Biden's administration plan to issue a "digital dollar" by jointly drafting legislation demanding a ban on central bank digital currencies (CBDC).
On February 26, US Senator Ted Cruz, along with Senator Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun, introduced the CBDC Anti-National Supervision Act, challenging the Federal Reserve authorities to implement the CBDC. senators fear that Biden's administrative CBDC will be programmed to supervise citizens and violate freedom.
Senator Cruz asked Congress to explain that the Federal Reserve does not have the authority to implement CBDC. The bill specifically opposes the Federal Reserve authorities "to offer certain products or services directly to individuals, to prohibit the use of central bank digital currencies for monetary policy, and for other purposes."
Senators Scott and Budd highlighted the need to protect US citizens' financial privacy. "CBDC will open the door for the federal government to monitor and control the habit of spending on all Americans. Any push to form a CBDC must be faced and stopped, and that's why I am proud to join Senator Cruz's efforts to do so," said Budd.
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Cruz's announcement of the legislation describes CBDC as "programmable and government-controlled money" that can raise intimate personal details about citizens and the potential to track and freeze funds for any reason.
If passed into law, the legislation will also require legislation to ratify Congress to issue CBDCs in the future. This will ensure the Federal Reserve cannot turn into a retail bank.
In addition to the support from five senators, this legislation is also supported by five associations, namely Heritage Action for America (HAFA), Blockchain Association, American Banking Association (ABA), Association of Independent Community Banks (ICBA), and Growth Clubs (CFG).
At the other end of the spectrum, former US President Donald Trump, who is running for the presidential election in 2024, has pledged to "never allow" the formation of an internal CBDC. Trump acknowledged Vivek Ramaswamy had taken into account the negative impact of the CBDC.
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