- Republicans introduced the bill
- He will close the Fed’s CBDC manipulation loopholes
- Politicians urged America not to follow the path of authoritarianism
The Fed’s CBDC testing initiative has received stiff congressional opposition. A number of Republican politicians submitted bill new bill HR 3712. It prohibits the regulator from “establishing, implementing or approving a program designed to test the feasibility of issuing a digital currency.”
The document was supported by 14 Republicans in the House of Representatives: Pete Sessions, Bill Posey, Ralph Norman, Byron Donalds, John Rose, Andy Ogles, Jeff Duncan, Greg Steube, Randy Weber, Glenn Grotman, Ronnie Jackson, Victoria Spartz, Harriet Hageman and Bob Good.
The text states that the digital dollar is a “loophole by the Fed” in order to take control of the financial freedoms of Americans.
“Congress can’t give up an inch when it comes to CBDC. Such a currency would threaten the freedoms of law-abiding Americans. Right now it is being used by authoritarian countries to suppress dissent.”
By authoritarian countries, the congressmen probably mean China. The country almost forces local residents to use the digital yuan. And at the same time suppresses other competitors. For example, yesterday the Chinese police arrested Trust Reserve, a stablecoin issuer.
In the US, a number of states have banned local testing and use of CBDC.