🚫 US House Votes to Block Federal Reserve's Digital Dollar Plans
💰 The US House has made a decisive move, voting to block the Federal Reserve from pursuing its plans for a digital dollar. With a vote of 216 to 192, the legislation known as the CBDC Anti-Surveillance State Act has gained traction.
🔒 Concerns over potential government control have been raised by Republicans, who fear that a digital dollar could become a "surveillance tool". This sentiment is shared by former President Trump, who has vowed to halt its creation if re-elected.
➡️ The American Bankers Association has thrown its weight behind the bill, urging House leaders to support it. However, this victory for crypto regulation comes with a caveat – it still needs to navigate the Senate and face scrutiny from critics like Senator Elizabeth Warren.
📉 While the crypto industry celebrates the passage of the FIT21 Act, which grants more authority to regulatory bodies in the digital asset space, challenges lie ahead. President Biden's concerns about consumer protections may require further revisions before it becomes law.
🟢 The battle over digital currencies continues, with both sides weighing in on privacy and control. Stay tuned for more twists and turns in this evolving financial landscape.
💰 The US House has made a decisive move, voting to block the Federal Reserve from pursuing its plans for a digital dollar. With a vote of 216 to 192, the legislation known as the CBDC Anti-Surveillance State Act has gained traction.
🔒 Concerns over potential government control have been raised by Republicans, who fear that a digital dollar could become a "surveillance tool". This sentiment is shared by former President Trump, who has vowed to halt its creation if re-elected.
➡️ The American Bankers Association has thrown its weight behind the bill, urging House leaders to support it. However, this victory for crypto regulation comes with a caveat – it still needs to navigate the Senate and face scrutiny from critics like Senator Elizabeth Warren.
📉 While the crypto industry celebrates the passage of the FIT21 Act, which grants more authority to regulatory bodies in the digital asset space, challenges lie ahead. President Biden's concerns about consumer protections may require further revisions before it becomes law.
🟢 The battle over digital currencies continues, with both sides weighing in on privacy and control. Stay tuned for more twists and turns in this evolving financial landscape.