legislation<\/a><\/strong> that the federal government has the ability to either foster and nurture innovation in the crypto industry or absolutely destroy it. He commented:<\/p>\n“This bill goes a long way in making sure the big government doesn\u2019t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States.”<\/em><\/p>\nAccording to the Republican, the bill’s goal is to keep the dollar’s dominance without competing with the private sector,<\/strong> and he believes it is crucial to underline that the Fed does not have, and should not have, the right to issue retail bank accounts.<\/p>\n“We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom\u2014not stifling it,\u201d<\/em> he stressed.<\/p>\nSens. Ted Cruz, Braun (R-Ind.), and Grassley Push for Anti-CBDC<\/h2>\n
<\/p>\n
Per Sen. Cruz’s bill, which also has the support of Sens. Braun (Indiana) <\/strong>and Grassley (Iowa),<\/strong> the federal government does not have the right to “unilaterally” establish a central bank currency. They each voiced the opinion that a CBDC would be used as a tool for surveillance.<\/p>\nIf the measure is enacted, it will ensure that the state is not “snooping” on the assets of hardworking Americans, according to Grassley.<\/p>\n
They contend that the American people should have the freedom to spend their money however they see fit without worrying that the government could monitor each and every transaction.<\/p>\n
Moreover, Ted Cruz thinks that central bank digital currencies (CBDCs) ought to uphold three fundamental principles: safeguarding financial privacy, maintaining the dominance of the dollar, <\/strong>and encouraging innovation.<\/strong><\/p>\nAs a result, CBDCs that disregard these standards could give the Federal Reserve the ability to transform into a retail bank, gather personally identifiable user information, and keep track of customers’ transactions indefinitely.<\/p>\n
The anti-CBDC measure is Cruz, Braun, and Grassley’s follow-up to their March 30, 2022, introduction of a bill that would forbid the Fed from issuing a CBDC to an individual directly. Since then, there has been no legislation enacting this.<\/p>\n
Although the Federal Reserve has not resolved whether to issue a CBDC, it released a study in January that examined several implications of a digital dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senate Republicans are pushing legislation to prevent the Federal Reserve and the Biden presidency from implementing a central bank digital currency (CBDC). Ted Cruz proposed this in an attempt to prevent the introduction of “direct-to-consumer” CBDC.<\/p>\n","protected":false},"author":26,"featured_media":135397,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124,70,74],"tags":[5321,5237,4986],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/135391"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=135391"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/135391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/135397"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=135391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=135391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=135391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}