The House has passed legislation that would stop the Federal Reserve from issuing a central bank digital currency, a victory for privacy advocates who argue that such a CBDC could give the federal government vast new powers to micromanage citizens’ lives.
The House voted 216-192 in favor of the legislation Thursday, sending the CBDC Anti-Surveillance State Act to the Senate for consideration. The bill was sponsored by House Majority Whip Tom Emmer (R-MN), who has said such a bill was needed to prevent government overreach and protect financial privacy.
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