- Congressman, Warren Davidson, calls for the ban of CBDCs.
- His resistance arose after he saw a job ad for the Federal Reserve Bank of San Francisco looking to hire a senior crypto architect to work on a CBDC project.
- The Federal Reserve continues to research CBDCs.
United States Congressman Demands the Prohibition of CBDCs
United States Republican Representative, Warren Davidson, is known for vocal opposition to crypto-related matters. In April, he planned to introduce legislation to remove SEC Chairman, Gary Gensler, from office.
In one of his recent tweets, he urged Congress to ban and criminalize Central Bank Digital Currencies(CBDCs) or any attempt to build, develop or test or establish such currency.
His recent tweet responded to an Indeed job ad placed by the Federal Reserve Bank of San Francisco, looking to hire a “senior crypto architect” for a CBDC project.
“The Federal Reserve is building the financial equivalent of the Death Star. Central Bank Digital Currency (CBDC) corrupts money into a tool for coercion & control. Congress must swiftly ban then criminalize any effort to design, build, develop, test or establish a CBDC,” he tweeted.
He argued that money should not be programmable by a central authority. He also said, “Money should be a stable store of value and an efficient means of exchange, not a tool for surveillance, coercion, and control. Sound money should facilitate permission-less peer-to-peer transactions.”
Congressman Warren Davidson expressed his concerns over CBDCs, stating that they corrupt money and can be used as a tool of coercion and control.
U.S. Lawmakers Continue to Advocate for Financial Privacy
Other United States politicians expressed concerns about Central Bank Digital Currencies (CBDCs).
On July 14, US Presidential Candidate and Governor of Florida, Ron DeSantis, promised to ban CBDC if elected president in 2024. DeSantis is a vocal critic on crypto-related matters. In May, he signed a bill prohibiting using CBDCs as money in Florida.
Another U.S. politician, Congressman Tom Emmer, believes the launch of CBDC in America can be weaponized and used as a ploy to rid American citizens of financial privacy.
“Recent actions from the Biden Administration make it clear that they are not only itching to create a digital dollar, but they are willing to trade Americans’ right to financial privacy for the surveillance-style CBDC,” Congressman Emmer said.
He argued that the launch of CBDC goes against American values. Emmer also added that the blockchain wave is a source of threat to bureaucrats in Washington. In February, United States Representative, Tom Emmer introduced the CBDC Anti-Surveillance Act.
The Bill was supported by Ted Cruz, a Senator from Texas who introduced a bill aimed at preventing the Federal Reserve from adopting CBDCs.
“The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government,” Ted Cruz argued.
Conclusion
Despite the vigorous opposition by some U.S. lawmakers against the launch of CBDCs, the Reserve Bank continues to research blockchain technology for a potential but undecided release of digital dollars. The possibility of a digital dollar has been a source of anti-CBDC campaigns and bills from some lawmakers in the U.S. CBDC has become a controversial matter in U.S. politics.
