In a vote that divided along partisan lines, the House of Representatives passed a Republican-led bill aimed at blocking the creation of a central bank digital currency (CBDC).
Introduced by House Majority Whip Rep. Tom Emmer, R-Minn., in September 2023, the CBDC Anti-Surveillance State Act garnered support from 213 Republicans, resulting in a 216 to 192 vote. Only three Democrats voted for the bill, while 192 Democrats opposed it.
CBDCs, which are cryptocurrencies issued and regulated by a country's central bank, were at the center of Emmer's bill. He expressed concerns about the potential for extensive monitoring of financial transactions, arguing that CBDCs could grant the federal government unprecedented surveillance capabilities and stifle politically unpopular activity.
The bill faced criticism from Democrats, with House Financial Services Committee Ranking Democrat Maxine Waters, D-Calif., labeling it “anti-innovation” when it advanced out of the House Financial Services Committee in September.
