Deniz 
Voting for the Republican CBDC Anti-Surveillance State Act (H.R.5403), the U.S. House of Representatives members decided on May 23 against the Federal Reserve creating or introducing a government-backed dollar-pegged digital currency.
Proposing the policies, Republican Majority Whip Tom Emmer said a Fed-issued central bank digital currency (CBDC) would have disastrous effects on American monetary privacy.
Designed for retail or wholesale use, CBDCs—a digital form of national fiat money—are under control by the national apex bank. The House approved Congressman Emmer’s proposed complete ban on both, which garnered support.
Also approved were amendments restricting the Federal Reserve from launching CBDC research projects and pilots. GOP lawmakers underlined that the earlier-decided “Project Hamilton” was a clear avoidance of parliamentary control.
“My legislation guarantees that the American people retain control over the digital money policy of the United States so that any development of digital money reflects our values of privacy, individual sovereignty, and free market competitiveness,” Rep. Emmer stated following the vote.
Support for the CBDC Anti-Surveillance State Act came from both political opposites for building a digital currency system. On May 22, the House also approved the FIT21 Act, the Financial Innovation and Technology for the 21st Century Act.
Clarifying shared crypto oversight between the U.S. SEC and the Commodity Futures Trading Commission (CFTC), the FIT21 Act over digital commodities markets—including exchanges and broker-dealers—the CFTC orders control.
As crypto supporters advocate for legislative policies approaching the U.S. presidential elections, both bills will travel to the Senate floor for additional hearings and probable mark-ups.