Amidst the upheaval brought on by the Securities and Exchange Commission (SEC) and the crypto industry over the past few weeks, digital assets could see a step forward in regulatory relief. In particular, the new law seeks to increase financial freedom for American customers in the US
On February 22, House of Representatives member Tom Emmer introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to implement monetary policies that help prevent economic control and promote financial freedom for Americans. Tom Emmer said:
Today, I am introducing the CBDC Anti-Surveillance State Act to prevent efforts by unelected bureaucrats in Washington, DC from taking away Americans’ right to financial privacy.
How will the Crypto Industry benefit from the bill?
According to Minnesota State Representative Emmer, if the introduced bill receives a majority of votes to pass in the House and Senate, it will prohibit the Federal Reserve (Fed) from issuing CBDC “directly to anyone.”
Additionally, the bill would prohibit the Fed from using CBDCs to implement monetary policy and control the economy. The bill would require the Fed’s CBDC project to be transparent to Congress and the American people, according to Emmer, who also added:
Any digital version of the dollar must uphold American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to the development of dangerous surveillance tools.
Tom Emmer said the bill seeks to protect America’s financial freedom and allow the North American nation to remain a “technology leader” with individual sovereignty and free market competitiveness.
The proposal was received on social media. Member of the House of Representatives, Barry Loudermilk, comments about the bill, stating that the Fed should focus on its core mission of stable prices and maximum employment levels, “not tracking American transactions.”
The House of Representatives currently has a Republican majority. Tom Emmer is the House Majority Whip.
This is not the first attempt by lawmakers to allow the crypto industry to grow and remain under US jurisdiction. In December 2022, Emmer asked SEC Chairman Gary Gensler to testify before Congress on regulatory policy towards the crypto ecosystem.
Tom Emmer, or “Crypto King,” as he is known among members of the House of Representatives, is considered a pro-crypto politician. Emmer said his interest in the crypto industry began after he was elected to Congress in 2014.
The “Crypto King” has also introduced the bipartisan Securities Clarity Act in the past to pave the way to regulatory certainty for digital assets. Emmer’s goal is to restore America’s right to decide what decisions to make in the various markets the US has to offer.
American crypto investors can benefit from a crypto-friendly House of Representatives and lawmakers. This bill can prevent capital from fleeing and stay in exchanges that provide services on US soil rather than “spook investors and new technologies that facilitate payments and transactions like cryptocurrencies push them to international jurisdictions.
The total market capitalization of cryptocurrencies has decreased by 2.36% in the last 24 hours and is currently at $1.04 trillion. Bitcoin’s market capitalization is $460 billion, representing an important part of the crypto industry at 40.48%. The market capitalization of stablecoins is $137 billion and has a share of 12% of the total crypto market capitalization, according to data from CoinGecko.
Feature image from Unsplash, chart from TradingView.