U.S. House Advances Anti-CBDC Bill Amid Crypto Legislation Push

According to Cointelegraph, Representative Tom Emmer, the sponsor of the U.S. House's Anti-CBDC Surveillance State Act, has emphasized the potential impact of the bill on the Federal Reserve's ability to issue a central bank digital currency (CBDC). During a press call on Friday, the Minnesota representative discussed the progress of the Anti-CBDC bill, which he introduced in March. Emmer stated that the bill would allow the Federal Reserve to explore the development of a digital dollar, provided it emulates cash in specific ways and remains open, permissionless, and private. The legislation proposes amending the Federal Reserve Act to prevent federal banks from issuing any digital asset substantially similar to a CBDC. The bill was one of three pieces of legislation passed by the House this month as part of the Republicans' "crypto week" plans. These included measures addressing payment stablecoins and digital asset market structure. However, the Anti-CBDC bill received the least support from Democrats in the House of Representatives. Of the three bills passed on July 18, only the GENIUS Act, aimed at regulating stablecoins, has been signed into law by U.S. President Donald Trump, having already passed the Senate. The Senate is expected to consider the Digital Asset Market Clarity (CLARITY) Act on market structure and Emmer's CBDC bill after returning from its August recess. Republican leaders have set a September goal for advancing the crypto market structure legislation. While the CBDC bill is likely to remain on the Senate's agenda in September, statements from Republican leaders indicate a prioritization of the CLARITY Act, with expectations to pass the bill through the chamber before October. Wyoming Senator Cynthia Lummis, chair of the Senate Banking Committee's digital assets subcommittee, has advocated for the chamber to remain in session through August to address some of President Trump's nominations, including the prospective Commodity Futures Trading Commission Chair Brian Quintenz. A spokesperson for Senator Lummis indicated her commitment to executing the president's agenda during this period, suggesting she may also use the time to prepare the crypto market structure bill. As of Monday, the Senate is still scheduled to go on recess on August 3.