US House votes to block Federal Reserve from developing digital dollar

The U.S. House of Representatives has voted to block the Federal Reserve from developing a digital dollar, with the CBDC Anti-Surveillance State Act being passed largely along party lines. Republicans have expressed concerns that a U.S. CBDC could be used to control Americans, while Democrats have argued that such concerns are overblown and that a ban would stifle innovation. However, the vote count is unlikely to have any impact as the bill is expected to fail in the Senate. In contrast, a crypto market structure bill received significant support from both Republicans and Democrats in a separate vote.