House Passes CBDC Anti-Surveillance Act, Now Heads to Senate
The House of Representatives has passed a bill, the 'CBDC Anti-Surveillance State Act', which aims to prevent a Central Bank Digital Currency (CBDC) from being a tool for state surveillance. The vote was 216 in favor, 192 against, and 22 abstentions, with Republicans largely supporting the bill. Now, the bill moves to the Senate for approval, and potentially, a presidential election veto override.
The bill, introduced by Republican Representative Tom Emmer in January 2022, seeks to protect financial privacy and individual freedom. Some lawmakers from both parties worry that the US could lag internationally without its own CBDC. However, they also fear that a CBDC could be used to monitor citizens' financial activities, infringing on privacy rights.
The bill's passage in the House is a significant step, but it's not the final say. It must now navigate the Senate, where it could face further debate and potential amendments. If it passes the Senate, it will then face President Donald Trump, who has the veto power to block the legislation. If Trump vetoes the bill, Congress could attempt to override his veto with a two-thirds majority vote in both the House and the Senate.
The 'CBDC Anti-Surveillance State Act' has cleared the House, but its journey is far from over. As it progresses through the Senate and potentially faces a presidential election veto, the bill's future remains uncertain. This legislation could also become a campaign issue in the upcoming presidential election, with differing views among potential candidates, including Donald Trump.
