Amid the turmoil the Securities and Exchange Commission (SEC) and the cryptocurrency industry have been embroiled in over the past few weeks, digital assets may see a step forward in regulatory relief. In particular, the new legislation seeks to enhance the financial freedom of American customers in the United States
On February 22, Representative Tom Emmer foot The state’s Central Bank Digital Currency (CBDC) Act is designed to implement monetary policies that help prevent control over the economy and promote financial freedom for Americans. Tom Emmer stated:
Today, I introduced the state’s Anti-CBDC Surveillance Act to stop efforts by unelected bureaucrats in Washington, D.C., to strip Americans of their right to financial privacy.
How will the crypto industry benefit from the bill?
According to Minnesota Representative Eimer, if the proposed bill receives a majority of votes to pass in the House and Senate, it would prevent the Federal Reserve (Fed) from issuing a central bank digital currency “directly to anyone.”
In addition, the bill would prevent the Federal Reserve from using a central bank digital currency 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 Eimer, who also added:
Any digital version of the dollar must support our American values of privacy, individual sovereignty, and free-market competitiveness. Anything less than that 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. Representative Barry Loudermilk, comment In the bill, it states that the Fed should focus on its primary mission of price stability and maximum employment, “not indefinitely tracking Americans’ transactions.”
The House of Representatives currently has a Republican majority. Tom Emmer is the House Majority Whip.
This is not the first attempt by the legislator to allow the cryptocurrency industry to grow and remain under US jurisdiction. In December 2022, Emmer asked SEC Chairman Gary Gensler to testify before Congress regarding regulatory policy toward the crypto ecosystem.
Tom Emmer, or “The King of Digital Currency,” as he is known among House members, is a pro-cryptocurrency politician. Emmer said his interest in the cryptocurrency 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 the right of Americans to decide what decisions they wanted to make in the different markets the United States offered.
US cryptocurrency investors may benefit from a crypto-friendly House of Representatives and legislators. This law could prevent capital from fleeing and remaining on exchanges that provide services on US soil rather than “scare away investors and new technologies that facilitate payments and transactions such as cryptocurrencies drive them into international jurisdictions.”
The total cryptocurrency market cap has fallen by 2.36% over the past 24 hours and is now $1.04 trillion. Bitcoin has a market capitalization of $460 billion, which represents a significant portion of the crypto industry at 40.48%. The stablecoin has a market capitalization of $137 billion and has a 12% share of the total cryptocurrency market cap, according to data From CoinGecko.
Featured image from Unsplash, chart from TradingView.