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Texas Senator Ted Cruz Launches New Legislation To Ban Central Bank Digital Currencies (CBDCs)

February 27, 2024

Republican senator Ted Cruz is continuing to press for the US government to ban central bank digital currencies (CBDCs).

According to a new press release from Cruz (R-Texas), the Senator is introducing legislation to outright ban CBDCs.

According to the release, the legislation is a partisan effort between Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Mike Braun (R-Ind.).

Says Cruz,

“The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC. I’m proud to lead the fight in the Senate to restrict the Federal Reserve’s exploration of and attempt to introduce a CBDC to the American economy.”

The bill dubbed the CBDC Anti-Surveillance State Act, would prevent the federal government from issuing CBDCs either directly or through a third party.

“The legislation is endorsed by Heritage Action for America (HAFA), the Blockchain Association, the American Bankers Association (ABA), the Independent Community Bankers Association (ICBA), and Club for Growth (CFG).”

In March of 2023, Cruz argued that the creation of the CBDC would centralize people’s financial data and leave their information vulnerable to attack. The senator said the US government could also use the digital dollar as a surveillance tool to directly look into the private transactions of Americans. Much of the same sentiment was echoed in the most recent press release.

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