Congressman Tom Emmer has aligned with former President Donald Trump’s view of central bank digital currencies (CBDCs) as a threat to financial privacy.
Tom Emmer, the Majority Whip of the United States House of Representatives, voiced his concerns on the X platform on Jan 19, echoing Trump’s apprehensions about CBDCs and their potential threat to financial privacy.
Presidential candidate and ex-President Donald Trump pledged to prevent the Federal Reserve from introducing a CBDC in the United States. The pledge came during a campaign speech in Portsmouth, New Hampshire, on Jan. 17.
I agree with President Trump; CBDCs pose a serious threat to Americans' right to financial privacy.
— Tom Emmer (@GOPMajorityWhip) January 19, 2024
I look forward to working with him as we continue the fight against the expanding government surveillance state.
Former President Donald Trump’s strong opposition of CBDCs is due to concerns about the risks of debunking and the potential political misuse of this digital currency.
In alignment with former President Trump, Rep. Tom Emmer expressed his dedication to working with Trump to oppose what they perceive as an expansion of government surveillance. However, Tom Emmer shed light on his legislative initiatives. Emmer stressed his introduced bill, the CBDC Anti-Surveillance State Act, backed by 75 cosponsors.
Meanwhile, the proposed anti-CBDC legislation, when approved, would serve as a crucial safeguard, limiting the possible extension of government surveillance into individuals' financial dealings.
Related: Florida governor, who pledged CBDC ban, comes in second in Iowa Caucus
It’s worth noting that despite Trump’s historical disapproval of Bitcoin and cryptocurrencies during his presidency, he has ventured into the crypto space with the introduction of three non-fungible token (NFT) collections since leaving office.
Trump made 1,075 ETH from his NFT collections, which recently included his infamous mugshot that was captured when he surrendered himself to authorities in Georgia in August.
In the fight against CBDCs, bills against referring to a CBDC as money have been filed in the states of Utah, South Carolina, South Dakota, and Tennessee. The bills would exclude a CBDC from the definition of money and could create significant roadblocks to a CBDC in the United States.
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