Ted Cruz leads Republican senators in resistance to CBDC bills

Spearheaded by Texas Senator Ted Cruz, Republican senators are making concerted efforts to restrict the ability of the Federal Reserve to launch a CBDC.

According to FOX Business, Cruz, alongside colleagues Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), Mike Braun (R-Ind.), and Kevin Cramer (R-N.D.), are set to propose the Central Bank Digital Currency Anti-Surveillance State Act.

The Republican senators are looking to make CBDCs a significant issue during the 2024 presidential race, initiating a topic of discussion among voters and candidates, as seen with presidential candidate Robert F. Kennedy Jr.

Senator Ted Cruz and four other senators are expected to introduce a new bill today called the Central Bank Digital Currency Anti-Surveillance State Act.

This is a companion bill to the one introduced in the House. They seek to limit the FED from launching a CBDC. pic.twitter.com/6nsOM7f38c

— Hotep Jesus (@HotepJesus) February 26, 2024

You might also like: MicroStrategy adds 3k more Bitcoin for $155m

The legislation contends that the Federal Reserve should not issue a CBDC to Americans without Congressional approval, citing concerns over privacy and financial autonomy.

Critics from conservative ranks argue that a CBDC could allow the federal government to monitor and possibly control Americans’ financial transactions.

Meanwhile, the Biden administration has authorized the Fed to explore the potential of a CBDC to enhance the efficiency and accessibility of payments. However, no decision to proceed with implementation has been finalized.

Read more: US CBDC debate heats up amid elections. Does the country need a digital dollar?

Source