On April 2, 2025, the U.S. House Financial Services Committee passed the Anti-CBDC Surveillance State Act, a bill introduced by House Majority Whip Tom Emmer, by a 27-22 vote.
On April 2, 2025, the U.S. House Financial Services Committee passed the Anti-CBDC Surveillance State Act, a bill introduced by House Majority Whip Tom Emmer, by a 27-22 vote. The bill aims to prevent federal banks from issuing or using central bank digital currencies (CBDCs), a move that has garnered significant support among Republican lawmakers due to concerns over privacy and government control. Emmer argued that CBDCs could enable the government to monitor financial transactions and restrict politically unpopular activities.
This bill builds on Emmer’s previous efforts to curb CBDC development in the U.S., including the failed H.R. 5403 introduced last year, which passed the committee and House but stalled in the Senate. The new version, H.R. 1919, addresses growing concerns over the use of CBDCs for surveillance, a stance aligned with President Donald Trump’s January executive order that prohibited the use of CBDCs, citing potential risks to financial stability and individual privacy.
While the Anti-CBDC bill has found strong support among Republicans, it has also drawn criticism from Democratic lawmakers. Rep. Maxine Waters warned that blocking the development of a CBDC could result in the U.S. losing out on technological innovations in payments, potentially threatening the dollar's position as the global reserve currency. Despite these concerns, Emmer’s bill has garnered the backing of more than 100 co-sponsors and several advocacy groups, including the Independent Community Bankers Association and the Blockchain Association.
Globally, 134 countries representing 98% of global GDP are exploring the development of CBDCs, with 66 nations in advanced stages of development. However, U.S. policymakers, including Federal Reserve Chairman Jerome Powell and Treasury Secretary Scott Bessent, have made it clear that they have no immediate plans to introduce a CBDC. Bessent stated in January that he saw "no reason" for the U.S. to pursue such a currency.
The committee also advanced legislation aimed at regulating stablecoins during the same session. The "Stablecoin Transparency and Accountability for a Better Ledger Economy" bill, also known as the STABLE Act, seeks to establish a regulatory framework for stablecoins, setting up a system for greater transparency and accountability. Both the Anti-CBDC bill and the STABLE Act will now move to the full House for a vote.
While the U.S. continues to debate the potential risks and benefits of digital currencies, lawmakers are divided on how to balance innovation with the preservation of financial privacy and sovereignty. The outcome of these legislative efforts will likely shape the country’s stance on digital currency and the future of the global financial system.
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