Anti-CBDC bill could curb Fed’s power over digital dollar, sponsor says

The Anti-CBDC Surveillance State Act, led by Rep. Tom Emmer, seeks to limit the Federal Reserve’s capacity to launch a central bank digital currency. The proposal underscores a digital dollar should mimic cash, ensuring attributes like privacy and permissionless access.

This bill, part of a larger crypto legislative package, received minimal Democratic backing. The Senate plans to address it along with the Digital Asset Market Clarity Act when Congress resumes in September, indicating both potential support and challenges in the legislative process.