“We require a digital currency that aligns with American principles”

Majority Whip Tom Emmer recently appeared on Bloomberg TV’s Balance of Power to discuss the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act and the Securities Clarity Act, both of which are set to be voted on in the House this week. Emmer emphasized the importance of these bills in ensuring that the future of digital assets in the United States is determined by the American people and aligns with American values.

The CBDC Anti-Surveillance State Act aims to prevent the creation of a digital currency that could be used for surveillance purposes, like the Chinese digital yuan, which tracks citizens’ purchases and behavior to assign social scores. Emmer stressed the need for a digital currency that is open, permissionless, and private, echoing American values of freedom and privacy.

Emmer also discussed the Securities Clarity Act, which is part of the Financial Innovation and Technology for the 21st Century Act (FIT 21). This legislation creates a framework for entrepreneurs and innovators to invest in projects within the United States, under proper oversight to prevent issues like those faced with entities operating outside of US jurisdiction.

The whip emphasized the importance of these bills in shaping the future of digital assets in the US and ensuring that they reflect American values. Emmer highlighted the need for digital currencies that are in line with American principles of privacy and freedom, as opposed to systems that enable surveillance and social control.