US Rep Tom Emmer is fully supporting stablecoin regulations but does not like Central Bank Digital Currencies, referring to them as a “threat to American values.”
Emmer’s Position on CBDCs and Trump’s Executive Order
Emmer re-introduced the “CBDC Anti-Surveillance State Act” to the House of Representatives on March 6. This law aims to prevent future US governments from launching a CBDC without Congress’ approval. Emmer believes CBDCs could harm privacy and personal freedoms.
“CBDC technology is inherently un-American,” Emmer said, warning that unelected officials issuing a digital dollar could disrupt the “American way of life.”
On January 23, former President Donald Trump signed this order that completely prohibits the creation, utilization, or distribution of a CBDC in the US. Emmer’s bill seeks to make that even more robust by ensuring that no future government can implement a digital dollar without adequate oversight.
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🛡️ US Rep. Tom Emmer reintroduces the CBDC Anti-Surveillance State Act, advocating… pic.twitter.com/7UvrGbEDHB
Stablecoins as a Safer Alternative with Calls for Clear Rules
During a March 11 hearing, Emmer highlighted stablecoins as a better solution for secure digital transactions. He argued that stablecoins could connect traditional finance with blockchain technology while preserving user privacy.
Paxos CEO Charles Cascarilla urged lawmakers to create clear and consistent stablecoin regulations. He emphasized that uniform rules across countries would help prevent businesses from exploiting weaker regulations in other regions.
“By having the same set of rules globally, we will create a race to the top, not a race to the bottom,” Cascarilla said.
The Increasing Place of Crypto Firms
The Center for Political Accountability was concerned with growing political influence by cryptocurrency firms. Crypto firms spent $134 million on the 2024 US elections, as per the report, citing concerns about the lack of regulation of political expenditures and the probability of regulation.
Tom Emmer is still advocating for stablecoin-friendly laws, but he’s also warning individuals about CBDCs. With all the concerns regarding privacy, surveillance, and regulatory stability turning up the heat, digital currency in the US is certainly a hot issue at the moment.
