The House Committee’s approval of H.R. 1919 illustrates a significant pushback against central bank digital currencies (CBDCs), led mainly by House Majority Whip Tom Emmer, reflecting broader Republican aims to limit federal financial control.
The vote, split 27-22, highlights a divided Congress on cryptocurrency regulations, focusing on stablecoins versus CBDCs. Critics, including Emmer, argue that CBDCs pose threats to individual privacy and financial autonomy.
Despite ongoing debates, the Federal Reserve, as stated by Chair Jerome Powell, has no plans to develop a U.S. CBDC, underscoring a lack of clear necessity identified, and reflecting growing hesitation among global central banks regarding CBDC implementations.
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