- Ted Cruz, a foreign senator, explicitly proposed a law to block the sale of retail CBDC at Fed meetings.
- The Texas lawmaker argued that such CBDC would infringe on the privacy of American financial individuals.
Texas Senator Ted Cruz explicitly proposed laws to block Fed meetings from trying to develop and design the central bank's digital currency [CBDC]. The Democratic senator argued that retail CBDC could be used by government departments as a monitoring tool for the financial sector. He previously introduced the bill in 2022.
Senator Cruz: CBDC does not protect personal privacy in the financial industry
The bill to block CBDC was co-sponsored by senators Mike Braun and Cliff E. Caldley, according to a March 21 press release from the senator's corporate office. Senator Cruz argued that CBDC does not protect the privacy of the financial sector and does not maintain the dominance of the dollar.
He adds that they promote independent innovation, which can be used to collect customers' personal information and track his transactions. In addition, CBDC, published and encouraged by the national entity line, will centralize American financial information services, making them very vulnerable.
Senator Cruz pointed out in the press release:
The US federal government does not have the right to unilaterally establish a central bank loan currency. The bill ensures that it is not easy for big government to try to centralize and control digital currency, but allows it to play a big role in the rapid development of foreign countries. We need to empower entrepreneurs, drive innovation, and promote individual rights-not to obliterate randomness.
In addition, Texas lawmaker Gerd Sanders has introduced a bill seeking to recognize the exploitation of bitcoin dominance in Texas. Sanders also called for due process maintenance on BTC numbered or developed by himself on the Internet.
In addition, Senator Ted Cruz cracked down on the public offering of retail CBDC a day after California Mayor Ron de Santis issued a law to protect the state's citizens under a ban on the sale of such coins.