Anti-CBDC Law Is Now Being Pushed By Senators During The 2024 Presidential Campaign

Key Points:

• Senate Republicans, led by Ted Cruz, oppose the Federal Reserve’s CBDC plans, citing surveillance concerns.
• They propose an anti-CBDC law requiring legislative authorization for implementation.
• GOP presidential candidates, including Trump, echo worries over government surveillance, promising to block the digital dollar.

Senate Republicans are gearing up to curb the Federal Reserve’s authority to introduce a central bank digital currency (CBDC), a move likely to escalate into a focal point of the 2024 presidential campaign, sources reveal to FOX Business.

Senate Republicans Push Back Against Federal Reserve’s CBDC Proposal

Concerns surrounding the potential surveillance and control capabilities embedded in a CBDC have been intensifying among conservative lawmakers. They argue that the government could exploit this technology to monitor citizens’ financial activities and potentially restrict access to their funds.

Senator Ted Cruz, alongside four colleagues, is set to propose the Central Bank Digital Currency Anti-Surveillance State Act. This anti-CBDC law, to be introduced next Monday, aims to prevent the Fed from issuing a digital dollar without explicit authorization from Congress.

Supported by various advocacy groups and endorsed by Representative Tom Emmer, a similar bill is pending in the House with substantial backing.

Cruz emphasizes the urgency, stating, “Congress must clarify that the Federal Reserve has no authority to implement a CBDC,” citing concerns over privacy infringement and government overreach.

GOP Presidential Candidates Align Against Government Surveillance with Anti-CBDC Law

Opposition to CBDCs has become a key platform for Republican presidential hopefuls, tapping into public apprehension over government surveillance. Former President Trump and other GOP figures have voiced strong reservations, labeling the digital dollar as “dangerous” and vowing to block its creation.

With the Biden administration prioritizing CBDC research, the clash over digital currency regulation is poised to intensify. However, any anti-CBDC law faces hurdles with Biden in office, given his administration’s stance on advancing CBDC exploration.

As the debate unfolds, the issue promises to remain a divisive focal point in both legislative and electoral arenas, highlighting the broader ideological divide over financial privacy and government intervention.