David Edwards
Representative Tom Emmer has reiterated his stance against central bank digital currencies (CBDCs), labeling them as a fundamental threat to American financial privacy and independence. Speaking at a recent congressional hearing, Emmer argued that permitting unelected officials to oversee CBDC issuance could “upend the American way of life.”
His remarks follow a decisive move by former President Donald Trump, who on January 23 signed an executive order prohibiting the establishment, issuance, circulation, and use of a CBDC in the United States. Emmer emphasized that the legislation he reintroduced could safeguard against future administrations potentially leveraging CBDCs as a tool for financial surveillance.
At the same hearing, Paxos CEO Charles Cascarilla called for regulatory clarity on stablecoins, urging lawmakers to ensure consistency across jurisdictions. Cascarilla stressed that unified regulatory frameworks would prevent arbitrage opportunities, ensuring that issuers adhere to identical standards globally.
“By having the same set of rules that everyone must meet to access the U.S. market, it will create a race to the top, not a race to the bottom,” Cascarilla stated.
Emmer, a Republican from Minnesota, further underscored privacy concerns tied to CBDCs, advocating for pro-stablecoin legislation as a means to integrate traditional finance with blockchain technology while preserving user privacy.
“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation,” he said.
Meanwhile, amid growing pro-crypto legislative momentum, a report by the Center for Political Accountability (CPA) has raised concerns regarding the cryptocurrency industry’s expanding influence in U.S. politics. According to the CPA’s March 7 report, crypto firms have collectively spent $134 million on the 2024 elections in what it describes as “unchecked political spending,” posing potential risks to regulatory stability.
