CBDC Anti-Surveillance State Act Returns to Senate: Defending Financial Privacy Senators Unite Against CBDC SurveillanceU.S. Senators Ted Cruz, Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun are joining forces once again to combat the Biden administration's push for a central bank digital currency (CBDC). This bipartisan effort aims to safeguard our
freedom and protect the
privacy of our personal finances.
Federal Reserve's Reach CurtailedCruz emphasizes that the Federal Reserve must not overstep its bounds, stating that the CBDC Anti-Surveillance State Act will ensure it doesn't morph into a
retail bank or use a CBDC as a tool for
monetary control. The bill also demands that any issuance of a CBDC requires explicit approval from Congress.
Wide Support for Privacy ProtectionThis legislation has garnered support from various organizations, including Heritage Action for America, the Blockchain Association, American Bankers Association, Independent Community Bankers Association, and Club for Growth. It's clear that many are concerned about potential government overreach.
Halting Government OverreachSenator Hagerty highlights the need to prevent political agendas from infiltrating our financial system. He warns against using a CBDC as a means to
surveil and potentially target Americans based on their beliefs or affiliations.
Financial Privacy in an Era of Government WeaponizationSenator Budd underscores the importance of preserving financial privacy in an era where an increasingly powerful government could exploit a CBDC to monitor and manipulate our spending habits. This act is seen as a crucial defense against such intrusions.
