Republican Senator Ted Cruz proposed legislation late Tuesday to block a central bank digital currency (CBDC) from being issued in the United States, joining a growing chorus of prominent GOP politicians pushing back against the idea.

In a statement Tuesday, the Texas lawmaker said that the U.S. government had “no authority to unilaterally establish a central bank currency.” CBDCs are a digital version of a state’s fiat currency—like the U.S. dollar or the euro—backed by a central bank. 

Co-sponsored by Senators Mike Braun (R-Ind) and Charles E. Grassley (R-Iowa), Senator Cruz argued that having a CBDC in the States, controlled by the Federal Reserve, would jeopardize Americans citizens’ financial information and pave the way to a potential surveillance state.

“Unlike decentralized digital currencies like Bitcoin, CBDCs are issued and backed by a government entity and transact on a centralized, permissioned blockchain,” Cruz’s statement reads.

“Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack,” Cruz added, “it could be used as [a] direct surveillance tool into the private transactions of Americans.”

Senator Cruz’s proposal comes days after Florida Governor Ron DeSantis similarl

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Author: Mathew Di Salvo

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