A Republican-led bill blocking the Federal Reserve from creating a digital dollar advances as Senate approval remains pending.
Republican lawmakers are pressing for a permanent ban on a U.S. central bank digital currency (CBDC) as the House-passed Anti-CBDC Surveillance State Act awaits Senate action. The bill, led by House Majority Whip Tom Emmer, aims to prohibit the Federal Reserve from issuing or creating a CBDC, citing privacy and surveillance concerns.
Only three countries—Nigeria, Jamaica, and the Bahamas—have officially deployed a CBDC, while 41 others are in pilot phases. Emmer argues a U.S. CBDC would mirror China’s surveillance model, threatening economic freedoms. A prior Senate bill by Mike Lee stalled in Congress.
The House approved the measure on July 17, but its fate in the Senate remains uncertain. Market participants are monitoring potential implications for digital asset regulation and monetary policy.