Congressman Tom Emmer agreed with former President Donald Trump's views on central bank digital currencies (CBDCs) as a threat to financial privacy.
Tom Emmer, Majority Leader of the US House of Representatives, expressed his concerns on Platform X on January 19, echoing Trump's concerns about CBDCs and their potential threat to financial privacy.
Presidential candidate and former President Donald Trump has vowed to stop the Federal Reserve from introducing a CBDC in the United States. This promise was made during a campaign speech in Portsmouth, New Hampshire, on January 17.
I agree with President Trump; CBDCs pose a serious threat to Americans' right to financial privacy.
I look forward to working with him as we continue the fight against the expanding government surveillance state.
— Tom Emmer (@GOPMajorityWhip) January 19, 2024
Former President Donald Trump's strong opposition to CBDCs stems from concerns about the risks of exposure and potential political abuse of the digital currency.
In line with former President Trump, Rep. Tom Emmer has expressed a willingness to work with Trump to oppose what they perceive as expanded government surveillance. However, Tom Emmer shed light on his legislative initiatives. Emmer highlighted the bill he introduced, the State CBDC Anti-Regulation Act, which was supported by 75 co-sponsors.
Meanwhile, the proposed anti-CBDC legislation, once approved, will serve as an important safeguard limiting the possible expansion of government oversight into individual financial transactions.
Related: Florida Governor Who Promised to Ban CBDCs Finishes in Second Place in Iowa Caucus
It's worth noting that despite Trump's historical disapproval of Bitcoin and cryptocurrencies during his presidency, after leaving office he ventured into the cryptocurrency space by introducing three collections of non-fungible tokens (NFTs).
Trump earned 1,075 ETH from his NFT collections, which recently included his infamous mugshot taken when he surrendered to Georgia authorities in August.
As part of the fight against CBDC, bills against the use of CBDC as money have been filed in the states of Utah, South Carolina, South Dakota and Tennessee. The bills would exclude CBDCs from the definition of money and could create significant barriers to CBDCs in the United States.