Ted Cruz introduces companion to Emmer's bill to exclude Fed retail CBDC digi...
Cruz lends his support to a bill that would keep the U.S. off “an insidious path akin to China’s.” Texas Sen. Ted Cruz introduced companion legislation into the U.S. Senate on Wednesday for Minnesota Rep. Tom Emmer’s bill prohibiting the Federal Reserve from issuing central bank digital currency, or CBDC, directly to individuals, Emmer announced. Emmer introduced the House bill Jan. 18. Fellow Republican Cruz’ legislation could potentially speed up passage or rejection of the bill by allowing it to be considered in both chambers of Congress at the same time. Emmer, co-chair of the....
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U.S. Senator Ted Cruz has introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals and competing with the private sector. The senator from Texas warned that not only would this CBDC model centralize financial information, leaving it vulnerable to attack, but it could also be used “as a direct surveillance tool into the private transactions of Americans.”
Senator Cruz Introduces Bill to Prevent the Fed From Issuing Digital Dollar to Retail Consumers
U.S. Senator Ted Cruz (R-TX)....
Having the Fed require users to open accounts to access the benefits of a digital dollar would put it "on an insidious path akin to China’s digital authoritarianism," according to Tom Emmer. Minnesota Representative Tom Emmer has announced he will be introducing a bill intended to prevent the Federal Reserve from acting as a retail bank in the potential issuance of a digital dollar.In a Wednesday announcement, Emmer said the bill would prohibit the Fed from issuing a central bank digital currency, or CBDC, directly to U.S. consumers. According to the Minnesota representative, having the....
This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency. Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets.In an announcement from Emmer on Monday, the congressperson from Minnesota said he had once again introduced the Safe Harbor for Taxpayers with Forked Assets bill in the United States House of Representatives. If passed in its current state, the bill would create a safe harbor for crypto holders with forked....
Strong framing move by U.S. Representative Tom Emmer and a looming threat of another crypto ban in Asia: a digest of last week's top crypto policy stories is here. Last week saw an unlikely first move in the opening narrative battle around a prospective U.S. central bank digital currency: Congressperson Tom Emmer came forward with an initiative to legally restrict the Federal Reserve’s capacity to issue a retail CBDC and take on the role of a retail bank. This could be massively consequential as we are yet to see a similarly sharp-cut expression of an opposing stance. As a matter of fact,....
After being seen in the House a few times, a bipartisan bill is introduced into the Senate with a drastically reduced exclusion for purchases made with cryptocurrency. The Virtual Currency Tax Fairness Act of 2022 was introduced into the United States Senate on Tuesday by the bipartisan team of Senators Patrick Toomey and Kyrsten Sinema. The bill is a companion to the one already before the House of Representatives, although it differs in one key detail.Both the House and Senate bills exclude small purchases made with cryptocurrency from the capital gains tax. Currently, any purchase made....