In a classic case of déjà vu – because who doesn’t love a rerun? – Minnesota’s very own Representative Tom Emmer has dusted off his legislative playbook to reintroduce a bill that aims to slap a big ol’ “No Thanks” label on central bank digital currencies, or CBDCs for short. One can only assume he took a good look at the whole digital dollar debacle and thought, “This train wreck needs a sequel.” 🚂💥
On the sixth day of March, Emmer stood up (probably wearing his most serious face) and announced that the CBDC Anti-Surveillance State Act was back, ready for a fresh round of thrilling debates in the 119th session of Congress. Having already made a splash (more like a tiny ripple) in the House back in May 2024, his bill now finds itself warming the bench in the Senate Banking Committee, right where all good ideas go to… well, take a nap.
Emmer’s proposed legislation could potentially tweak the Federal Reserve Act to prevent any federal banks from dealing in a digital dollar or any “digital asset that is substantially similar,” which sounds both ominous and vaguely like a line from a dystopian novel. He claims this is largely about protecting our financial privacy. Alas, privacy in the age of the internet is as reliable as a chocolate teapot. But let’s sidestep that for now.
Meanwhile, our ever-entertaining ex-President, Donald Trump, had already taken a big marker and drawn a line in the sand back on January 23, declaring “No CBDCs allowed!” on his executive order – perhaps envisioning a future where the only currency you could trade was Monopoly money. You know, because kids’ games the world over need that kind of realism. 🎲💸
“President Trump gets it!,” said Emmer, riding high on the coattails of Trump’s edict. “We need to cement this glorious ban into law! No future administration should be able to turn this into a weapon, aimed straight at the good people of America.” Sounds dramatic enough that it could be a Hollywood blockbuster. 🎬💥
Interestingly enough, Emmer claims to have garnered support from around 100 Republicans. However, what remains unclear is whether House or Senate lawmakers really want to take this dog for a walk, given that Trump seems to be cleaning up his executive order toolkit like it’s a garage sale for political power. CryptoMoon tried to entice Emmer’s team for a comment but, like many on a busy afternoon, they remained as silent as a cryptid sighting.
Crypto policies moving forward
On the seventh day of March (yes, it’s a busy week!), Trump will rub elbows with crypto and AI bigwig David Sacks and presidential crypto council director Bo Hines at a much-hyped crypto summit at the White House. Rumor has it they’ll unveil new details about a proposed US crypto reserve. Will it involve gold-plated Bitcoins? Probably not. Will CBDCs rear their ugly heads? Only time, and perhaps a crystal ball, will tell.
While the Trump administration seems to be keeping the CBDC ideas under wraps, other daring nations are marching boldly forward. Take Israel, for instance, which decided that a digital shekel was the way to go and unveiled its preliminary design on March 3. Meanwhile, the European Central Bank has its own plans of crafting a digital euro. So, while one president is busy telling everyone to chill out on the digital cash front, the rest of the world is basically saying, “Hold my beer.” 🍺
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2025-03-06 21:31