US lawmakers are urging for a permanent prohibition on the issuance of a Central Bank Digital Currency (CBDC), arguing that any temporary ban is insufficient.
Congressman Michael Cloud, joined by 28 other members, penned a letter to House Speaker Mike Johnson and Senate Majority Leader John Thune, stating that a CBDC would be "inherently anti-American."
The lawmakers' concerns stem from a proposed amendment to the Federal Reserve Act that would delay a US CBDC until 2031. They contend this delay is inadequate and that a CBDC "would expose Americans to unconstitutional financial surveillance and give the unelected Federal Reserve unprecedented power over Americans’ finances that would violate their civil liberties and financial freedom."
They believe the amendment offers a "watered-down version" of earlier legislative efforts to block a CBDC, such as the "Anti-CBDC Surveillance State Act." The lawmakers emphasize the need to restore stronger language to prevent the Federal Reserve from even studying the creation of a digital dollar.