Source: Cointelegraph Original: "{title}"
U.S. Congressman Tom Emmer called for prioritizing legislation supporting stablecoins during a House Financial Services Committee hearing on March 11, while labeling CBDCs as a threat to American values.
On March 6, Emmer reintroduced the "CBDC Anti-Surveillance State Act" in the House. During the March 11 hearing, Emmer again urged Congress to pass this legislation. The bill aims to prevent future governments from launching a U.S. CBDC without explicit approval from Congress.
Emmer spoke at the House Financial Services Committee hearing on CBDCs. Source: emmer.house.gov
“CBDC technology is fundamentally incompatible with American values,” Emmer stated during the hearing, warning that allowing unelected bureaucrats to issue CBDCs “could undermine the American way of life.”
On January 23, former President Trump signed an executive order prohibiting the "establishment, issuance, circulation, and use" of CBDCs in the U.S. Emmer noted that if this bill becomes law, the reintroduced legislation could “prevent future governments from creating such an obvious financial surveillance tool to target their own citizens,” emphasizing concerns over privacy and financial independence.
During the same hearing, Paxos CEO Charles Cascarilla urged lawmakers to establish uniform stablecoin regulations across different jurisdictions to avoid regulatory arbitrage. Paxos is a significant issuer of stablecoins and suggested creating clear guidelines and reciprocal rules with global regulators.
He stated, “We want to ensure that the U.S. has the same rules as the rest of the world to prevent regulatory arbitrage when stablecoins are issued in other jurisdictions. By ensuring that everyone must comply with the same rules to enter the U.S. market, it will actually drive the industry to higher standards rather than lower them.”
Republican Congressman Emmer from Minnesota also criticized the inherent privacy risks of CBDCs, stating that stablecoins can bring traditional finance on-chain globally while ensuring privacy is protected: “This highlights why we must prioritize legislation supporting stablecoins alongside anti-CBDC legislation.”
In the context of the rapidly evolving crypto industry, a report from the Center for Political Accountability (CPA) raised concerns about the growing political influence of crypto companies in the U.S. and the potential risks to regulatory stability.
The report, released on March 7, noted that cryptocurrency companies spent a total of $134 million on “unregulated political spending” in the 2024 U.S. elections, presenting some key challenges.
Related: EU senior officials say Trump’s push for cryptocurrency-related initiatives could undermine financial stability in Europe.
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