{"id":125947,"date":"2025-03-27T18:15:27","date_gmt":"2025-03-27T18:15:27","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125947"},"modified":"2025-03-27T18:15:27","modified_gmt":"2025-03-27T18:15:27","slug":"senator-cruz-introduces-companion-bill-to-prohibit-the-fed-from-issuing-a-cbdc","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125947","title":{"rendered":"Senator Cruz introduces companion bill to prohibit the Fed from issuing a CBDC"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUS Senator Ted Cruz introduced a bill on March 26 to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The \u201cAnti-CBDC Surveillance State Act,\u201d would prohibit the Fed from offering certain products or services directly to American individuals, a key component of any CBDC.<br \/>\nThe Texas Republican\u2019s bill can be considered a companion bill to Minnesota Republican Representative Tom Emmer\u2019s anti-CBDC legislation, which was reintroduced on March 6. A companion bill is a piece of legislation that is similarly or identically worded to another bill, and introduced in the other chamber of Congress.<br \/>\nBoth bills state that the prohibition should not include any dollar-denominated currency that is open, permissionless, and private and \u201cpreserves the privacy protections of United States coins and physical currency.\u201d\u00a0<br \/>\nSen. Ted Cruz\u2019s anti-CBDC bill. Source: Ted CruzSince 2020, the Federal Reserve has been exploring a digital version of the US dollar. According to the CBDC Tracker, at least four research projects are currently underway by various Federal Reserve entities.<br \/>\nCruz has been a vocal opponent of CBDCs since at least 2022, when he introduced legislation that would ban the Fed from introducing a direct-to-consumer CBDC. He followed it up with similar legislation in 2023, and in 2024 sought to block the attempt by then-President Joe Biden\u2019s administration to create a CBDC.<br \/>\nEmmer said at a congressional hearing that \u201cCBDC technology is inherently un-American\u201d and warned that allowing unelected bureaucrats to issue a CBDC \u201ccould upend the American way of life.\u201d<br \/>\nRelated: North Carolina Senate overrides governor veto, passes bill banning CBDC<br \/>\nCritics denounce CBDCs<br \/>\nWhile CBDCs have some purported benefits, critics of the technology have long said that digital currency issued directly to citizens could pose privacy infringement and government overreach.<br \/>\nHowever, some nations and regional governments are still exploring this technology. While European consumers show little interest in CBDCs, lawmakers in the region are pushing to create a digital Euro. Israel has released a preliminary design to create a digital shekel, and Iran will reportedly launch a CBDC in the near future.<br \/>\nIn the US, the creation of a CBDC has been met with more resistance. President Donald Trump has vowed to \u201cnever allow\u201d a CBDC in the country, and Jerome Powell, the chair of the Federal Reserve, has said that the Fed will not issue a CBDC while he is in charge.<br \/>\nThough CBDCs could modernize legacy financial systems and make them more efficient, they would also centralize the money supply.<br \/>\nMagazine: Asia Express: India mulls new crypto ban to support CBDC, Lazarus Group strikes again<a href=\"https:\/\/cointelegraph.com\/news\/senator-cruz-companion-bill-prohibit-fed-cbdc-digital-dollar?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUS Senator Ted Cruz introduced a bill on March 26 to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The \u201cAnti-CBDC Surveillance State Act,\u201d&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125947"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125947"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125947\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125947"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}