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US Rep. Tom Emmer and Former President Trump Unite in Opposition to CBDCs

United States Representative Tom Emmer, the majority whip of the U.S. House of Representatives, has echoed former President Donald Trump’s concerns about central bank digital currencies (CBDCs) as a potential threat to financial privacy.

Emmer shared his apprehensions on Jan. 19 via a post on X (formerly Twitter), aligning himself with Trump’s stance against CBDCs.

Trump had pledged on Jan. 17, during a campaign speech in New Hampshire, that if reelected as president, he would prevent the U.S. Federal Reserve from introducing a CBDC in the United States.

Trump’s strong opposition to CBDCs stems from his worries about de-banking and the possibility of political actors misusing the digital currency.

Emmer emphasized his commitment to collaborating with Trump in opposing what they perceive as an expansion of government surveillance.

He referred to his CBDC Anti-Surveillance State Act, which boasts support from 75 co-sponsors.

If passed, this legislation would serve as a critical safeguard, curbing government surveillance of individuals’ financial transactions.

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Despite Trump’s prior disapproval of Bitcoin and other cryptocurrencies during his presidential term, he has recently ventured into the crypto space by launching three nonfungible token (NFT) collections since leaving office. Trump has already earned 1,075 Ether from these NFT collections.

His latest collection featured his infamous mugshot, taken when he turned himself in to Georgia authorities in August 2023.

In various states such as Utah, South Carolina, South Dakota, and Tennessee, bills have been introduced against categorizing a CBDC as money.

These bills seek to exclude CBDCs from the definition of money and could potentially create significant obstacles to their development in the United States.

The growing concern over CBDCs and their impact on financial privacy is evident in the actions and statements of influential figures like Tom Emmer and Donald Trump, as well as the legislative efforts being made at the state level.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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