U.S. Senator Introduces Bill To BAN CBDCs

I cannot stress this enough, CBDCs are the end of America as we know it.

A central bank digital currency works through centrally managed smart contracts. What this essentially means is that the U.S. government can shut your money off at any time, for any reason, or no reason whatsoever.

We are currently seeing something similar in China where the government uses a digital financial system to spy on and control its citizens.

Ted Cruz (R-TX) recently introduced a bill that would prevent the Federal Reserve Banking System from issuing a CBDC.

In it, Cruz stated: “Congress must clarify that the Federal Reserve has no authority to implement a CBDC.”

JUST IN: 🇺🇸 US Senator Ted Cruz to introduce legislation to restrict the Federal Reserve’s ability to create a CBDC.

"Congress must clarify that the Federal Reserve has no authority to implement a CBDC." 👏 pic.twitter.com/BpITGu4i56

— Bitcoin Magazine (@BitcoinMagazine) February 26, 2024

NEWS – Ted Cruz and other senators are leading a renewed charge to restrict the Federal Reserve's ability to create a CBDC

CBDCs will enslave you, #Bitcoin will free you 🚀 pic.twitter.com/VfI20SXjmv

— Simply Bitcoin (@SimplyBitcoinTV) February 26, 2024

Ted Cruz issued this accompanying press release via his website:

U.S. Sen. Ted Cruz (R-Texas), member of the Senate Commerce Committee, today introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. Sen. Cruz’s bill was cosponsored by Sens. Braun (R-IN) and Grassley (R-IA).

Specifically, the legislation prohibits the Federal Reserve from developing a direct-to-consumer CBDC which could be used as a financial surveillance tool by the federal government, similar to what is currently happening in China.

The bill aims to maintain the dollar’s dominance without competing with the private sector.

As other countries, like China, develop CBDCs that omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation.

CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely.

It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts.

Unlike decentralized digital currencies like Bitcoin, CBDCs are issued and backed by a government entity and transact on a centralized, permissioned blockchain.

Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, it could be used a direct surveillance tool into the private transactions of Americans.

Upon introducing the legislation, Sen. Cruz said:

“The federal government has the ability to encourage and nurture innovation in the cryptocurrency space, or to completely devastate it.

This bill goes a long way in making sure big government doesn’t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States.

We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it.”

Hotep Jesus explained: “Senator Ted Cruz and four other senators are expected to introduce a new bill today called the Central Bank Digital Currency Anti-Surveillance State Act. This is a companion bill to the one introduced in the House. They seek to limit the FED from launching a CBDC.”

Senator Ted Cruz and four other senators are expected to introduce a new bill today called the Central Bank Digital Currency Anti-Surveillance State Act.

This is a companion bill to the one introduced in the House. They seek to limit the FED from launching a CBDC. pic.twitter.com/6nsOM7f38c

— Hotep Jesus (@HotepJesus) February 26, 2024

🇺🇸 US Senator Ted Cruz to introduce legislation to restrict the Federal Reserve’s ability to create a CBDC.

"Congress must clarify that the Federal Reserve has no authority to implement a CBDC." #CBDC #cryptocurrency #Dailynews @Daily_Newws

— Daily News Crypto (@Daily_Newws) February 26, 2024

Fox Business had more:

The new bill, also endorsed by advocacy groups Heritage Action for America, the Blockchain Association and the American Bankers Association, among others, will serve as companion legislation to House Majority Whip Tom Emmer’s Central Bank Digital Currency Anti-Surveillance State Act, which he reintroduced in the House in September.

It has 97 Republican members of Congress as co-sponsors.

Cruz’s bill, like Emmer’s, aims to prevent the Fed and its member banks from issuing a CBDC and using it to implement monetary policy and gain wider control over the economy.