Tom Emmer and Donald Trump unite against CBDCs, citing risks to financial privacy and potential government surveillance.
U.S. House of Representatives Majority Whip Tom Emmer and former President Donald Trump have joined forces to combat the potential introduction of central bank digital currencies (CBDCs) in the United States. Additionally, their united front stems from significant privacy concerns, fearing that CBDCs could lead to increased government surveillance over financial activities.
On January 19, Emmer took to X (previously known as Twitter), to share his views, resonating with Trump’s earlier statements. Both leaders view CBDCs as a potential threat to the financial privacy of citizens. Emmer’s stance is not new; he has been a vocal critic of CBDCs, emphasizing the need to safeguard personal financial information from government overreach.
Trump’s Involvement
Trump’s involvement in this issue marks a notable shift, considering his previous skepticism towards Bitcoin and other cryptocurrencies. Despite his earlier stance, Trump has recently delved into the world of digital assets, launching three non-fungible token (NFT) collections. Moreover, these ventures have proved lucrative, with Trump amassing over 1,075 Ether, equivalent to approximately $2,466. One of his NFT collections notably features his mugshot from his surrender to authorities in Georgia in August 2023.
Emmer’s efforts extend beyond just vocal opposition. He has introduced the CBDC Anti-Surveillance State Act, backed by 75 co-sponsors, aimed at curtailing the potential for government monitoring of personal financial transactions. As a result, this legislation, if passed, would be a significant step in protecting individual financial privacy.
Lastly, adding to this growing opposition, several U.S. states, including Utah, South Carolina, South Dakota, and Tennessee, have introduced bills to redefine the legal status of CBDCs. These bills seek to exclude CBDCs from the definition of money, potentially creating hurdles for their development and adoption in the United States.