Republican Ted Cruz said the proposed bill would prevent the federal government from using the digital dollar for financial oversight of the population.
Cruz said it’s important to ensure that U.S. digital currency policy protects user privacy, supports dollar dominance, and fosters innovation. Unlike decentralized cryptocurrencies like bitcoin, the digital dollar could become a means of monitoring Americans’ private transactions, Cruz fears.
“The federal government does not have the right to unilaterally establish a central bank digital currency. This bill is designed to ensure that the authorities do not try to centralize or control cryptocurrencies, but rather allow them to flourish in the United States. We must empower entrepreneurs, not stifle their financial freedom,” Cruz said.
Cruz’s initiative was supported by Indiana Senators Michael Braun and Iowa Senator Chuck Grassley. As Grassley put it, U.S. citizens should be able to spend their money as they see fit, without the fear of having their every transaction monitored by the government. The bill will give people a guarantee and peace of mind that no one will spy on their money.
Recall that most recently, Florida Governor Ron DeSantis also advocated a ban on the digital dollar, for similar reasons.
Source: Bits
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