Today, I introduced a bill prohibiting the Fed from issuing a central bank digital currency directly to individuals. Here’s why it matters:
As other countries, like China, develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation.
CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely.
Not only does this CBDC model raise “single point of failure” issues, leaving Americans’ financial information vulnerable to attack, but it could be used as a surveillance tool that Americans should never be forced to tolerate from their own government.
Requiring users to open an account at the Fed to access a United States CBDC would put the Fed on an insidious path akin to China’s digital authoritarianism.
Any CBDC implemented by the Fed must be open, permissionless, and private. This means that any digital dollar must be accessible to all, transact on a blockchain that is transparent to all, and maintain the privacy elements of cash.
In order to maintain the dollar’s status as the world’s reserve currency in a digital age, it is important that the United States lead with a posture that prioritizes innovation and does not aim to compete with the private sector.
Simply put, we must prioritize blockchain technology with American characteristics, rather than mimic China’s digital authoritarianism out of fear.

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More from @RepTomEmmer

31 Dec 21
I've been co-leading the bipartisan Blockchain Caucus with @RepDarrenSoto. As 2021 wraps up, I wanted to update you on the Caucus, my work and what we need to accomplish in 2022 to support crypto and web3 innovation in the US.
Let's start with the different actors on the Hill moving crypto policy:

1. @BlockCaucus: We're a group of 40+ Republicans & Democrats who work together to advance a commonsense regulatory approach for web3. The Caucus's support has become instrumental to advancing web3 policy.
2. @FinancialCmte: Congress can't ignore crypto anymore. @PatrickMcHenry prioritized crypto policy for Republicans on the Committee. Maxine Waters, the Chair, followed suit to some degree, but Ds typically lean skeptical for investor protection and environmental reasons.
Read 13 tweets
5 Oct 21
.@GaryGensler thinks that most cryptocurrencies are securities. Let’s indulge his line of thinking for a moment just so we can see how harmful it is to everyday investors.
Let’s say someone who issued a token agrees with Chairman Gensler wants to register it as a security with the SEC. Once registered, can this token trade on the NYSE or NASDAQ? No.
Can a broker-dealer like Charles Schwab deal in a digital asset that has gone through SEC registration? Would they be able to trade these digital asset securities and custody them? No.
Read 5 tweets

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