Emmer’s Anti-CBDC Bill Seeks to Limit Fed’s Digital Currency Power

Representative Tom Emmer, a key advocate for financial privacy in the U.S., reaffirmed his commitment to halting the development of a CBDC unless it adheres to strict principles of openness, permissionlessness, and privacy. Emmer noted the progress of his Anti-CBDC Surveillance State Act , which aims to sharply curtail the Federal Reserve’s authority to issue a digital dollar. Introduced in the House in March, Emmer’s bill was one of three pieces of crypto-focused legislation passed in July during the Republicans’ “crypto week.” However, it saw the least Democratic support among the trio, which also included the GENIUS Act targeting payment stablecoins and the Digital Asset Market Clarity (CLARITY) Act focused on digital asset regulation. CBDC Must Emulate Cash, Says Emmer Speaking about the Federal Reserve’s role, Emmer clarified that while the government can research and explore a digital dollar, the CBDC must function like physical cash—without surveillance features or centralized control. “If [the Fed] could emulate cash, then the law is going to afford them that ability, but right now, they can’t,” he said. The bill proposes amending the Federal Reserve Act to block federal institutions from issuing any digital asset that closely resembles a CBDC unless it conforms to stringent criteria. This includes ensuring any digital dollar remains private, does not require permission to use, and allows open participation—hallmarks of traditional currency but often difficult to achieve in digital systems. Of the three bills passed by the House on July 18, only the GENIUS Act has so far been signed into law by President Trump , having already cleared the Senate. The remaining two, including Emmer’s CBDC bill and the CLARITY Act, await further discussion when the Senate reconvenes after its August recess. Senate to Prioritize Market Structure Bill in September Looking ahead, Republican lawmakers are signaling that the Senate’s primary focus will be the CLARITY Act , aiming to finalize its passage before October. Senator Cynthia Lummis of Wyoming, who chairs the digital assets subcommittee, has been vocal about keeping the Senate in session through August to work on critical nominations, including Brian Quintenz for the Commodity Futures Trading Commission chair. A spokesperson confirmed that Lummis remains committed to advancing President Trump’s agenda, potentially using the extended session to prepare for deeper work on crypto legislation. As of now, the Senate remains scheduled to go on recess starting August 3. The post Emmer’s Anti-CBDC Bill Seeks to Limit Fed’s Digital Currency Power appeared first on TheCoinrise.com .

Source: The Coin Rise