House Republicans Disapproved the US Legislators’ CBDC Regulatory Bill

Regulating CBDC is under discussion in the US and is being criticized by US legislators. Congressmen believe that regulating central bank digital currency (CBDC) can pose a threat to the US dollar. And for that, US lawmakers proposed a bill to The House Financial Services Community (HFSC) to prevent the pilot CBDC project. HFSC advanced the case and opposed the legislators’ bill to prevent the CBDC project.

Crypto-Related Bill

The bill related to crypto regulation is entering into a new phase and CBDCs’ regulatory case is in the court of the US House of Republicans. Bill got approved and the case is advanced toward the progress of digital assets as per legislation of the Congress.

Patrick McHenry, the chairman of the panel disclosed that HFSC’s Republicans cleared the bill. Bill was approved on a few terms that digital assets would be completely explicit and ensure the privacy of the financial systems of America.

Also Read: US Lawmakers to Discuss CBDC Bill on Sept. 20

It was also the agenda of the discussion that Congress wanted to stop even the idea of regulating CBDC in America. They also triggered the notion of saying no to piloting the CBDC project. They also negated the idea of the Federal Reserve making digital currency as it could be a tool to spy on Americans. But is certain the HFSC would not allow such things to happen and ensure the judgement based on merits.  

CBDC, Need of the Hour?

Maxine Waters, the top democrat of the HFSC panel criticized the bill and gave his views in this regard. He was of the view that saying no to CBDC can put us behind many other nations. China and a few other countries have already adopted digital assets to regulate their economy.  So following suit, we must be accepting and open-minded toward this crypto revolution. He criticized the bill and recommended taking positive steps to be a part of the CBDC project.