Sponsors
11 Democrat
Jake AuchinclossMA-4
This bill prohibits the Board of Governors of the Federal Reserve and the Secretary of the Treasury from issuing a central bank digital currency (CBDC) without explicit Congressional authorization. A CBDC is defined as a digital form of money, denominated in the national unit of account, that is a direct liability of the Federal Reserve. The legislation aims to prevent the executive branch from unilaterally introducing such a digital currency.
The bill's prohibition on the Federal Reserve and Treasury from issuing a central bank digital currency (CBDC) without Congressional authorization is a significant development for the crypto industry. The crypto evaluation framework generally treats CBDCs negatively, viewing them as instruments that could increase state power to surveil and control individuals' financial activities. By requiring legislative approval, the bill prevents the unilateral introduction of a CBDC, which is seen as a potential threat to financial privacy and the principles of decentralization valued by the crypto community. This action helps to mitigate a perceived risk of expanded government oversight within the digital finance landscape. Therefore, the bill is seen as protective against a form of digital currency that could undermine the benefits of private digital assets and stablecoins.
Every member who has sponsored, cosponsored or voted on this bill. Pick a vote to see how each member voted on it, or narrow by party, name or state.
1 Democrat