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US House of Representatives Votes to Ban Fed from Issuing Digital Currency

Sec Crypto Regulation

In a recent vote, the US House of Representatives opposed the Federal Reserve’s issuance of a digital currency.

The bill, introduced by Congressman Tom Emmer, aims to prevent the US Central Bank from launching a central bank digital currency (CBDC).

Members of the Republican Party argue that a central bank digital currency could be used to surveil American citizens.

On the other hand, Democratic Party members contend that such a ban would stifle innovation in the public sector. Despite this, the bill was passed with the support of 213 Republican and 3 Democratic members.

The level of support for the anti-CBDC bill in the Senate remains uncertain.

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