[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"a4121607-eda2-4a80-8a86-7f88db4a64e4","updated_at":"2024-05-24T04:45:12.931035+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Republican-led bill against banks issuing their own crypto dollar was passed by the US House of Representatives.","sapo":"The House of Representatives has passed the Republican-led CBDC Anti-Surveillance State Act, thereby stopping the US central bank from issuing their own crypto dollar. ","title":"Fedcoin Foiled: House Passes Bill Prohibiting Central Bank Digital Currency","content":"

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House Voted Across Party Lines Against CBDC

The CBDC Anti-Surveillance State Act, introduced into Congress by Minnesota Majority Whip Tom Emmer in September 2023, aims to prohibit the Federal Reserve from creating its own cryptocurrency. The voting started on Thursday and concluded with a vote of 216 to 192. 213 Republicans and three Democrats voted for the bill, while 192 Democrats were against it.

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This result was considered worlds apart from the Wednesday’s House vote count of 208-71, with 71 Democrats joining 208 Republicans in passing the Financial Innovation and Technology for the 21st Century Act (FIT21) - a bill that clears regulatory paths for digital assets and spot market authority.

Parties differ in their stance on the matter, with Republicans showing concerns over the surveillance power the bank would possess over Americans' transactions if a CBDC were to be issued, while Democrats argue the anti-CBDC bill is “anti-innovation.”

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CBDC, short for Central Bank Digital Currency, is a digital version of a country’s traditional currency, issued by that country’s central bank. Unlike other cryptocurrencies, CBDCs are designed to be stable in value and state regulated.

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Fedcoin Foiled: House Passes Bill Prohibiting Central Bank Digital Currency

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