Republican House Majority Whip Alleges Secret Democratic Backing for CBDC Bill

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October 19, 2023 11:47 EDT

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Tom Emmer, the Republican Party whip in the US House of Representatives, has claimed that some Democrats secretly supports his anti-central bank digital currency (CBDC) bill.

According to Emmer, many members of Congress are opposed to introducing a CBDC in the US, with many of them being worried about the increased potential for surveillance that could come with it.

Emmer’s bill is known as the CBDC Anti-Surveillance State Act, and it has already been known for some time that the bill has gained significant traction among lawmakers from the Republican side.

However, the support is not limited to Republicans, Emmer revealed in a recent webinar hosted by the conservative law group The Federalist Society, saying:

“I believe we have significant support on the other side of the aisle as well, even though they right now cannot be public with that support because the administration is not necessarily favorable.”

Emmer, a Republican representative from Minnesota, further explained that if a CBDC could be designed with privacy in mind and in a way that resembles cash, he would not necessarily be so opposed to it, saying “we should all be willing to hear what our central government is talking about.”

“But as long as you can’t do that, then you should not be in the business of creating a central bank digital currency,” he said.

For now, the bill has publicly received support from 23 members of Congress, all Republican, but Emmer’s comments indicate that the number will grow to also include Democrats.

Emmer is widely known for his pro-crypto and anti-centralization stance, and he has made it clear that the purpose of his bill is to prohibit the Federal Reserve from issuing a CBDC in the US, as well as to improve oversight on all CBDC-related work done at the Fed.