Sunday, December 4, 2022

Senator Ted Cruz Introduced A Bill To Prevent CBDC Issuance By FED

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Senator Ted Cruz introduced a new bill that can prevent the FED from issuing a CBDC to American consumers as we can see more today in our latest cryptocurrency news.

American Senator Ted Cruz introduced a new bill restraining the Federal Reserve from issuing a central bank digital currency to the broad society and the legislation was initially submitted by January 2022 by Congressman Tom Emmer. Public cryptocurrneices like Bitcoin are different than centralized CBDCs and the latter are issued by a government entity or a central bank while BTC is decentralized and can be transferred anywhere on a P2P basis without the need for an intermediary.

Senator Cruz is a bitcoin proponent and a CBDC critic. He introduced legislation that aims to ban the fED from developing a digital dollar and believes that the FED Can use the product as a surveillance tool similar to what China does. The bill aims to preserve the dominance of the US national currency without having to compete with the private sector as Cruz noted:

“The federal government has the ability to encourage and nurture innovation in the cryptocurrency space or to completely devastate it. This bill goes a long way in making sure big government doesn’t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom – not stifling it.”

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The bill is companion legislation to the one of Congressman Tom Emmer who introduced his proposal on January 18, 2022, and the latter revealed that he is glad that Cruz supported his vision:

”The Fed must only craft a CBDC framework that is open, permissionless, and private […] Anything less puts Americans on the road to CCP-style financial authoritarianism.”

The Republican is among the biggest proponents of Bitcoin among US politicians and not so long ago, he said that he supports the asset because it represents freedom and decentralization which means the authorities can not control it. He believes that those merits became a reason for the crypto ban imposed in China last year. He also thinks that Elizabeth Warren disregards BTC for the exact same reason:

“The Chinese communists and Elizabeth Warren both want to control your assets, your savings, your speech, your life, your children, every decision.”

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