U.S. House Reintroduces Bill To Block Federal CBDCs

According to Cointelegraph, Minnesota Representative Tom Emmer has reintroduced a bill in the U.S. House of Representatives aimed at preventing federal banks from issuing or using central bank digital currencies (CBDCs). The legislation, known as the CBDC Anti-Surveillance State Act, was brought back for consideration in the 119th session of Congress. Initially proposed by Rep. Emmer in 2022, the bill passed the House in May 2024 and is currently awaiting review by the Senate Banking Committee. The proposed legislation seeks to amend the Federal Reserve Act to prohibit federal banks from issuing a digital dollar or any similar digital asset, citing concerns over financial privacy. Despite this legislative effort, U.S. President Donald Trump has already signed an executive order on January 23, 2025, that bans the establishment, issuance, circulation, and use of a U.S. CBDC. Rep. Emmer emphasized the importance of codifying this executive order into law to prevent future administrations from potentially misusing the technology against American citizens. Rep. Emmer stated that approximately 100 Republicans support the bill, though it remains uncertain whether lawmakers in the House or Senate will advance the legislation, especially given President Trump's ongoing efforts to expand his executive authority. Cointelegraph attempted to contact Rep. Emmer's office for further comments but did not receive a response by the time of publication. In related developments, President Trump, along with crypto and AI czar David Sacks and presidential crypto council director Bo Hines, is scheduled to attend a crypto summit at the White House on March 7. The summit will include various industry leaders, and the U.S. President is expected to unveil more details about his proposed U.S. crypto reserve. Discussions may also cover CBDCs and other digital asset-related issues. While the Trump administration appears to have cooled on the idea of a U.S. CBDC, other nations are progressing with their digital currency plans. Israel recently released a preliminary design for a digital shekel on March 3, and the European Central Bank is in the preparatory stages of exploring the issuance of a digital euro.