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Emmer: We need a digital currency that is consistent with American values

WASHINGTON – Majority Whip Tom Emmer joined Bloomberg TV's Balance of Power on Monday to discuss two of his landmark pieces of legislation coming to the House floor for a vote this week: The Central Bank Digital Currency (CBDC) Anti-Surveillance State Act and the Securities Clarity Act, which is included in the Financial Innovation and Technology for the 21st Century Act (FIT 21). Both of these bills ensure the future of digital assets in the United States will be determined by the American people and emulate American values.

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Whip Emmer on FIT 21 Act and his CBDC Anti-Surveillance State Act:

“...Right now, you're talking about two very specific pieces of legislation. One is creating a framework so that entrepreneurs and innovators, those who want to invest in great projects, do it right here in this country so that we don’t ever experience this issue that we had with someone who is outside of the reach of the United States oversight.”

“And then we’ve also got a central bank digital currency bill on the floor which literally says the federal government could create one, but they’re going to have to get authorization from Congress, and it’s going to have to emulate cash which simply means that any digital currency issued by the government must be open, permissionless, and private. It can’t be used like the Chinese are using the digital yuan which is basically a surveillance tool where they are building social scores on their citizens based on their purchases and their behavior. We can’t have that in this country. That’s un-American. We need a digital currency that actually is consistent with American values.”