Business

U.S House passes Anti-CBDC Act as Biden, Trump do a 180 on cryptos

  • Republican-backed CBDC bill faced low turnout, with concerns about abuse and criticism of its drafting
  • Executives believe CBDCs are a potential threat to financial freedom

As the United States prepares for another round of presidential elections, the digital asset landscape has seen notable changes. None, perhaps, is more notable than former President Donald Trump declaring his acceptance of crypto donations for his campaign.

In fact, even the current Biden administration, previously perceived as anti-crypto, has made significant progress toward the adoption of cryptocurrencies. The same thing was demonstrated by President Biden expresses his desire to work with Congress to clarify the regulation of digital assets in the United States.

Major crypto bills passed amid election year

In a series of recent developments under the Biden administration, oOn May 23, the CBDC Anti-Surveillance State Act was approved by the U.S. House of Representatives in a largely partisan vote.

Additionally, on May 22, the Financial Innovation and Technology for the 21st Century Act (FIT21 Act) was also passed, despite President Biden’s opposition to this law.

These consecutive actions demonstrate significant progress made in US cryptocurrency regulation. Especially since they follow the repeal of the SEC’s Staff Accounting Bulletin 121 (SAB 121) on May 16.

Impact on the digital asset landscape

The news of the CBDC was received with great enthusiasm by the crypto-community, as noted by one user of X – “Bitcoin for Freedom”. In a recent article he commented:

“Game theory forced the US House of Representatives to ban CBDCs even though they would love to. They see that they would be left behind. It’s #bitcoin time. This is incredibly optimistic! »

Opposing the idea of ​​CBDCs, Republicans introduced a bill in the US House of Representatives and said:

A bill supported by the RepublicansA bill supported by the Republicans

Source: Congress.gov

However, it should be noted that the debate on the Republican-backed bill was poorly attended. Republicans are concerned about the abuse of CBDCs, while Democrats criticize the drafting of the bill.

Commenting on the issue, Rogan O’Handley, aka DC Draino, one of Trump’s top presidential surrogates and political influencers, said:

“CBDC is one of the biggest threats to our freedom because the government could track every dollar you spend and even “deactivate” your money. »

Just a day before the vote on the CBDC Anti-Surveillance State Act, Tom Emmer, Majority Whip in the United States House of Representatives, highlighted the harmful effects of CBDCs in a series of posts. He claimed,

Tom Emmer's tweetTom Emmer's tweet

Source: Tom Emmer/X

Global acceptance of CBDCs

Amid the uncertainty surrounding the deployment of CBDCs, Europe will soon unveil its own digital currency: the digital euro.

According to the President of the European Central Bank, Christine Lagarde, the digital euro will be used as a control tool. However,

“The digital euro will have limited control. There will be a check…. Because zero control could be dangerous.

Next: Bitcoin mining is getting harder – Good news for the price of BTC or…

News Source : ambcrypto.com
Gn bussni

Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
Back to top button