Sen. Ted Cruz (R-Texas) introduced a bill Tuesday aimed at preventing the Federal Reserve from following the lead of totalitarian regimes like China in establishing a central bank digital currency. The legislation (S.887), co-sponsored by Sens. Mike Braun (R-Ind.) and Chuck Grassley (R-Iowa), cites as cause the eventuality that a CBDC would be used as a “financial surveillance tool by the federal government.”
“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said in a statement.
Cruz noted that the bill, which has been referred to the Committee on Banking, Housing, and Urban Affairs, “goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States.
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