The initiator of the anti-CBDC monitoring national bill in the U.S. House of Representatives, Tom Emmer, stated that if the bill passes, it will significantly limit the Federal Reserve's ability to issue central bank digital currency.
During a conference call on Friday, the Minnesota representative discussed the progress of the anti-CBDC bill he submitted in March.
“If the Federal Reserve can simulate cash, then the law would grant them that ability, but currently, they cannot,” Emmer said regarding the U.S. government's issuance of CBDC.
The bill is one of three that the House passed this month, with the other two concerning legislation on payment stablecoins and digital asset market structure, as part of the Republican "Crypto Week" initiative, although it received the least Democratic support in the House.
According to Emmer, the CBDC bill would allow any entity of the U.S. government, including the Federal Reserve, to explore the development of a digital dollar, provided it simulates cash in specific aspects and is “open, permissionless, and private.”
The legislative text proposes to amend the Federal Reserve Act to prohibit federal banks from issuing “any digital asset that is substantially similar to a CBDC.”
Among the three bills passed by the House on July 18, only the stablecoin regulatory bill, the GENIUS Act, which has already passed the Senate, has been signed into law by President Trump. The Senate is expected to advance the Digital Asset Market Clarity (CLARITY) Act and Emmer's CBDC bill after the August recess.
Although the CBDC bill may still be on the Senate's radar in September, statements from Republican leaders indicate they will prioritize the CLARITY Act, which is expected to pass the Senate before October.
Wyoming Senator Cynthia Lummis, chair of the Senate Banking Committee's digital asset subcommittee, has been pushing for the Senate to continue meeting in August to address some of Trump's nominations, including the future chair of the Commodity Futures Trading Commission, Brian Quintenz.
A spokesperson for the senator told Cointelegraph that she will also help “execute the president's agenda” during this time, suggesting she may also use this period to prepare the crypto market structure bill.
As of Monday (July 28), the Senate still plans to recess on August 3.
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Original article: “Anti-Central Bank Digital Currency Bill Proponent Says Bill May Limit Federal Reserve's Control Over Digital Dollar”
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