Amid the turmoil that the Securities and Exchange Commission (SEC) and the crypto industry have been involved in over the past few weeks, digital assets may see a step forward in regulatory relief. In particular, new legislation seeks to enhance financial freedom for American customers in the U.S.
On February 22nd, member of the House of Representatives Tom Emmer introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to implement monetary policies that help to prevent the control of the economy and promote financial freedom for Americans. Tom Emmer stated:
Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy.
How Will The Crypto Industry Benefit From The Bill?
According to Minnesota State Representative Emmer, if the introduced bill receives the majority of votes to pass in the House and Senate, it would prohibit the Federal Reserve (Fed) from issuing a CBDC “directly to anyone.”
In addition, the bill would prohibit the Fed from using a CBDC to implement monetary policy and control the economy. The bill would require the Fed’s CBDC projects to be transparent to Congress and the American people, according to Emmer, who also added:
Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to the development of a dangerous surveillance tool.
Tom Emmer said the bill seeks to protect Americans’ financial freedom and allow the North American country to remain a “technological leader” with individual sovereignty and free market competitiveness.
The proposal gained acceptance across social media. The member of the House, Barry Loudermilk, commented on the bill, stating that the Fed should focus on its core mission of stable prices and maximum employment rates, “not indefinitely track the transactions of Americans.”
The House of Representatives currently has a Republican majority. Tom Emmer is the House Majority Whip.
This is not the first attempt by the lawmaker to allow the crypto industry to grow and remain under U.S. jurisdiction. In December 2022, Emmer asked SEC Chairman Gary Gensler to testify before Congress regarding the regulatory policy towards the crypto ecosystem.
Tom Emmer, or the “Crypto King,” as he is known among House members, is considered a pro-crypto politician. Emmer said his interest in the crypto industry began after he was elected to Congress in 2014.
The “Crypto King” has also introduced a bipartisan Securities Clarity Act in the past to provide a path to regulatory certainty for digital assets. Emmer’s goal was to restore Americans’ right to decide what decisions they want to make in the different markets the U.S. offers.
American crypto investors may benefit from the House of Representatives and their crypto-friendly lawmakers. This bill could prevent capital from fleeing and remaining in the exchanges that provide services on U.S. soil rather than “spook investors and the new technologies that facilitate payments and transactions like cryptocurrencies pushing them into international jurisdictions.
The total market capitalization of cryptocurrencies has decreased by 2.36% over the last 24 hours and is now at $1.04 trillion. The Bitcoin market cap is $460 billion, representing a significant portion of the crypto industry at 40.48%. The market cap of stablecoins is $137 billion and has a share of 12% of the total crypto market capitalization, according to data from CoinGecko.
Feature image from Unsplash, chart from TradingView.