Source: Cointelegraph Original: "{title}"

On March 26, U.S. Senator Ted Cruz introduced a bill to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The bill, titled the "Anti-CBDC Surveillance State Act," would ban the Federal Reserve from directly providing certain products or services to individuals in the U.S., which is a key component of any CBDC.

This bill from the Texas Republican can be seen as complementary to the anti-CBDC legislation reintroduced by Minnesota Republican Representative Tom Emmer on March 6. Complementary bills refer to legislation that is similar or identical in content and is introduced in another chamber of Congress.

Both bills state that the prohibition measures should not include any open, permissionless, and private dollar-denominated currencies, and that "the privacy protections of U.S. coins and paper currency should be preserved."

Senator Ted Cruz's anti-CBDC bill. Source: Ted Cruz

Since 2020, the Federal Reserve has been exploring the possibility of a digital dollar. According to a CBDC tracker, at least four research projects are currently being conducted by different Federal Reserve institutions.

Cruz has been a vocal opponent of CBDCs since 2022, when he introduced legislation to ban the Federal Reserve from launching a consumer-facing CBDC. He subsequently proposed similar legislation in 2023 and sought to prevent then-President Joe Biden's administration from creating a CBDC in 2024.

Emmer stated during a congressional hearing that "the technology of CBDCs is fundamentally incompatible with the American spirit," warning that allowing unelected bureaucrats to issue CBDCs "could undermine the American way of life."

Criticism of CBDCs

Despite claims of potential benefits, critics of CBDCs have long argued that directly issuing digital currency to citizens could infringe on privacy and lead to excessive government intervention.

However, some governments and regions are still exploring this technology. Although European consumers show little interest in CBDCs, lawmakers in the region are pushing for the creation of a digital euro. Israel has released preliminary designs for a digital shekel, while Iran is reportedly set to launch a CBDC in the near future.

In the U.S., the creation of a CBDC has faced more resistance. Former President Trump vowed to "never allow" a CBDC to be launched in the U.S., while Federal Reserve Chairman Jerome Powell stated that the Federal Reserve would not issue a CBDC during his tenure.

While CBDCs have the potential to modernize and increase the efficiency of the traditional financial system, they could also centralize the money supply.

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