Currencies38393
Market Cap$ 2.29T+1.03%
24h Spot Volume$ 24.75B+9.54%
DominanceBTC56.67%+0.04%ETH10.09%+1.27%
ETH Gas0.33 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

$ 0.00559

-2.89%

$ 0.000161

$ 0.0053

$ 0.00...161


Predictions Markets

See what traders are focused on

View analytics →
Prediction Banner

Share:

In This News

Coins

$ 0.00559

-2.89%

$ 0.000161

$ 0.0053

$ 0.00...161


Predictions Markets

See what traders are focused on

View analytics →
Prediction Banner

Share:

Read More

July ADP Employment Miss Fans Macro Uncertainty for Crypto Markets Ahead of NFP

July ADP Employment Miss Fans Macro Uncertainty for Crypto Markets Ahead of NFP

US ADP employment rose by just 44,000 in July, missing the 70,000 consensus and sharp...
U.S. Stablecoin Delay Benefits Global Crypto Markets, Says Venom CEO

U.S. Stablecoin Delay Benefits Global Crypto Markets, Says Venom CEO

Venom CEO says the U.S. stablecoin rule delay gives Hong Kong, Europe, and the UAE an...