US lawmakers have just drafted a bill aimed at prohibiting the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC).
The document has been sponsored by Republican French Hill of Arkansas and Democrat Jake Auchincloss of Massachusetts.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
According to Hill:
"Americans have a right to financial privacy. That’s why I’m proud to stand with the gentleman from Massachusetts to protect civil liberties, the role of the dollar as the global reserve currency, and prevent a surveillance state over everyday Americans."
He has added that the bill does not reflect the interests of a particular party and is designed to protect America from "government abuse."
Texas senators introduced a similar bill earlier this month that bans the use of digital dollars in the state.
In parallel, Florida has already adopted a document against CBDCs, which was signed by Governor Ron DeSantis. In his opinion, the law "will protect residents from the administration of [Head of State Joe] Biden, who wants to weaponize the financial sector."