Led by Senator Ted Cruz, five US senators introduced the CBDC Anti-Surveillance State Act to oppose the Biden administration’s digital dollar plans, citing fears of surveillance and privacy breaches.
Senator Hagerty emphasized privacy protection, stating, “This bill blocks the issuance of a central bank digital currency, preventing CBDC from being used to violate Americans’ privacy.” Senator Cruz expressed skepticism about the administration’s motives, claiming it seeks to infringe on citizens’ freedom by surveilling their spending habits.
Highlighting the risks of government-controlled programmable money, Senator Cruz and Senator Budd warned of potential surveillance and control over spending habits.
The proposed legislation aims to limit the Federal Reserve’s authority in offering CBDCs, requiring congressional approval for any issuance. It has gained support from various associations.
Former President Donald Trump opposes CBDCs, viewing them as a threat to freedom and vowing to prevent their launch if re-elected.
