Currencies38131
Market Cap$ 2.28T-0.28%
24h Spot Volume$ 28.32B-13.1%
DominanceBTC56.41%-0.06%ETH9.52%+0.27%
ETH Gas0.16 Gwei
Cryptorank
/

House passes bill to limit Fed’s CBDC authority


House passes bill to limit Fed’s CBDC authority

Share:

Predictions Markets

See what traders are focused on

View analytics →
Prediction Banner

The U.S. House of Representatives approved a bill on Thursday that requires the Federal Reserve to obtain congressional approval before issuing a central bank digital currency (CBDC).

The CBDC Anti-Surveillance State Act, passed with a 216-192 vote, aims to safeguard financial privacy and prevent government overreach.

The bipartisan support for the bill reflects concerns over privacy and the potential for government surveillance through digital currencies.

The bill, known as H.R. 5403, seeks to amend the Federal Reserve Act, barring the Fed from providing direct consumer services or leveraging CBDCs for monetary policy without Congress’s explicit consent.

The House’s decision marks a significant moment in crypto-focused legislative activity, with this being the third crypto-related bill passed in May.

The debate around the bill revealed a split between Republican worries about financial surveillance and Democratic interests in fostering innovation and maintaining the dollar’s international status.

Proponents of the bill, including House Financial Services Committee Chairman Patrick McHenry, have pointed to foreign examples, such as China’s use of CBDCs for citizen monitoring, to justify the need for strict regulations.

According to the Atlantic Council, at least 134 countries and currency unions are exploring a CBDC. Three of them have launched and 36 of them are running pilot trials.

Read the article at Forkast

In This News

Coins

$ 0.0073

+1.09%

$ 0.000161

$ 0.0053

$ 0.00...161


Predictions Markets

See what traders are focused on

View analytics →
Prediction Banner

Share:

In This News

Coins

$ 0.0073

+1.09%

$ 0.000161

$ 0.0053

$ 0.00...161


Predictions Markets

See what traders are focused on

View analytics →
Prediction Banner

Share:

Read More

Sui Crypto (SUI) Price Prediction 2026–2030: Market Analysis and Investment Outlook

Sui Crypto (SUI) Price Prediction 2026–2030: Market Analysis and Investment Outlook

BitcoinWorld Sui Crypto (SUI) Price Prediction 2026–2030: Market Analysis and Invest...
Circle Wins OCC Approval for National Trust Bank, Shares Jump 7.7% Premarket

Circle Wins OCC Approval for National Trust Bank, Shares Jump 7.7% Premarket

Circle’s OCC approval to launch a national trust bank marks a turning point for insti...