Oh, what a tangled web we weave when first we practice to deceive! The US House of Representatives, in a move that could only be described as a theatrical performance, has deftly inserted a provision into the National Defense Authorization Act (NDAA) for 2026. This provision, my dears, is nothing short of a decree that the Federal Reserve (Fed) shall not, under any circumstances, develop any Central Bank Digital Currency (CBDC) projects. How delightfully scandalous!
The House Rules Committee, with all the grace and poise of a seasoned troupe of actors, revised HR 3838, the House’s version of the 1300-page defense policy bill, on Wednesday. Among the many changes, they included a clause that prohibits the Fed from offering financial products or services directly to the public. A sweeping ban, indeed, on studying or creating state-backed digital currencies. One can almost hear the gasps of the audience!
The bill further restricts the central bank from testing, studying, or developing a digital currency, except, of course, for dollar-denominated currencies and stablecoins. Because, you see, some things are just too good to ban entirely.
Republicans’ Stiff Views Against CBDCs
This dramatic turn of events follows a rather lengthy interlude in July, where House Republicans delayed debate on several crypto-related bills for over nine hours. They insisted, with all the tenacity of a leading man in a Broadway show, that a CBDC ban be secured in the defense bill. Oh, the suspense!
Previously, these same Republicans had attempted to pass a CBDC ban in early 2023. House Representative Tom Emmer, a veritable star in this political drama, introduced the CBDC Anti-Surveillance State Act. Alas, it failed to progress before the curtain fell on the previous Congress. In the current session, however, Emmer has bravely reintroduced the bill, and it has garnered the support of House leaders. They argue that it aligns with President Donald Trump’s executive order in January 2025, which, quite decisively, prohibited the development of CBDCs. Bravo!
The House of Representatives, in a moment of high drama, passed the standalone CBDC ban bill in July by a narrow margin of 219-210. The bill is now set to make its grand entrance in the Senate. One can only imagine the applause-or the boos-that will follow!
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2025-08-22 10:47