The U.S. House Financial Services Committee passes anti-CBDC bill

The U.S. House Financial Services Committee passed the "Anti-CBDC Surveillance State Act" (H.R. 1919) on Wednesday with 27 votes in favor and 22 against. The bill, proposed by Republican House Majority Whip Tom Emmer, aims to prevent central bank digital currencies from being used for monetary policy and prohibits the Federal Reserve from directly providing financial services to individuals. Emmer stated that this bill ensures that control of U.S. digital currency policy is in the hands of the American people rather than administrative agencies. This move echoes President Trump's executive order signed in January this year to protect American citizens from CBDC threats. Meanwhile, the committee also advanced stablecoin regulatory legislation, establishing a framework for dollar-pegged stablecoins to enhance their global competitiveness.