House Republicans Seek to Block Fed Digital Currency Over Privacy Fears

House Republicans are reintroducing legislation to block the Federal Reserve from issuing a central bank digital currency (CBDC).
The bill aims to prevent the Fed from gaining access to citizens' financial data through a digital dollar.
The Fed claims it has no plans for a CBDC but is researching and piloting the concept.
Republicans believe a Fed-issued CBDC would expand government surveillance capabilities like in China.
Anti-CBDC bills face challenges in the Democratic-controlled Congress but raise awareness of privacy concerns.

foxbusiness.com

Relevant topic timeline:

9/8/2023

Fed Vice Chair: Central Bank Digital Currency Still a Long Way Off, Concerns Remain About Stablecoins

The US Federal Reserve is still in the early research phase and far from making any decisions on a central bank digital currency, according to Federal Reserve Vice Chairman Michael Barr, who also emphasized the need for clear support from the executive branch and legislation from Congress before any moves are made. Barr expressed concerns about stablecoins and called for strong federal oversight to avoid risks to financial stability and the US payments system.

9/14/2023

Congress Divided on Central Bank Digital Currency Proposals Despite Growing Interest

A key Democrat has introduced a bill for a digital dollar pilot, while Republican lawmakers are pushing for bills to ban central bank digital currencies (CBDCs) in the US, showing a divide on the issue.

9/20/2023

Fed Faces Tricky Inflation Fight as 2024 Election Looms, With Political Fallout for Biden and Powell

The Federal Reserve is expected to keep interest rates unchanged as it faces economic and political risks while trying to combat inflation.

9/20/2023

Brazilian Lawmakers Consider Bill to Shield Debtors' Savings and Cryptocurrencies from Seizure

Brazilian lawmakers are considering a bill that would protect individuals' savings, including cryptocurrencies, from potential seizure by creditors.

9/20/2023

House Panel Advances Bill to Block U.S. Digital Currency Without Congress Approval

A bill has been approved by the House Financial Services Committee in the United States to prevent the creation of a U.S. central bank digital currency (CBDC), with Republicans accused of hindering innovation, while its prospects in the Senate remain uncertain.

9/20/2023

House Panel Approves Bill to Ban Fed Digital Currency, Despite Opposition

The House Financial Services Committee has approved a bill banning the Federal Reserve from creating a central bank digital currency, which must now be considered by the House of Representatives.

9/25/2023

Government Shutdown Risk Could Delay Crypto Regulation Bills

If U.S. lawmakers don't reach a decision on government spending by Sept. 30, bills focused on crypto regulation, market structure, and stablecoins could be put on hold, potentially impacting the progress of crypto legislation in Congress.

10/5/2023

GOP Senators Vow to Block Unrelated Bills, Push for Timely Passage of Spending Measures

Senate Republicans plan to block non-spending bills in order to prioritize passing government spending legislation before the current Continuing Resolution expires.