- The U.S. House of Representatives passed anti-CBDC (Central Bank Digital Currency) legislation through the Clarity for Payments Act, restricting the creation of a U.S. government-backed digital currency.
- The Bank of England is considering abandoning its digital pound project, signaling reduced momentum for CBDC projects globally.
- Bipartisan support in the U.S. House led to two major bills advancing: the Clarity for Payments Act and the Anti-CBDC Surveillance State Act.
- Key lawmakers, including Tom Emmer, cited concerns about financial surveillance and privacy as main reasons for opposing CBDCs.
- Social media debates and recent actions by companies like Tether highlight ongoing concerns about centralized control in digital currency systems.
On July 22, the U.S. House of Representatives approved anti-CBDC legislation as part of the Clarity for Payments Act, marking a significant change in federal digital currency policy. The bill bars the introduction of a U.S. Central Bank Digital Currency, with lawmakers arguing the move protects financial privacy and mitigates risks of government surveillance.
The vote followed hours of debate and saw 217 Republicans in favor of the measure, with bipartisan support for related bills. According to official statements, President Donald Trump urged Republican members to reject any proposals modeled after the Bank of England’s digital currency plan, which is currently facing potential cancellation. Recent remarks by Bank of England Governor Andrew Bailey showed skepticism, saying, “If that’s a success, I question why we need to introduce a new form of money.”
The Anti-CBDC Surveillance State Act, supported by Majority Whip Tom Emmer, was attached to the National Defense Authorization Act. Emmer stated, “Attaching our Anti-CBDC Surveillance State Act to the NDAA will ensure unelected bureaucrats are NEVER allowed to trade Americans’ financial privacy for a CCP-style surveillance tool.” The Clarity for Payments Act passed the House with 294 votes, including backing from 78 Democrats, while the anti-CBDC act passed 219-210. These measures reflect growing concern about how digital currencies could increase government insight into private finances.
Globally, the move comes as the Bank of England considers whether to end its own CBDC project, reversing earlier views that a “digital pound” would be needed. The potential retreat follows pressure and skepticism about the need for new digital money forms.
Recent events involving Tether, a stablecoin provider, added to public debate about financial surveillance. After the company worked with law enforcement to freeze $85,977 in stolen funds, some social media users questioned how centralized digital assets might resemble government-controlled CBDCs in their ability to track and block transactions.
The U.S. anti-CBDC vote is among the first legislation of its kind globally, setting precedent for open debates over central bank digital money. Lawmakers point to the need for privacy and regulatory clarity, with digital payment policy now under sharp review in several advanced economies.
For details on the Clarity for Payments Act and related laws, visit the official Congress.gov bill page. For status updates on global CBDC projects, see the Atlantic Council CBDC Tracker.
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