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Ted Cruz Takes On the Federal Reserve


Senator Ted Cruz (R-TX) introduced legislation to prohibit the Federal Reserve from moving forward with a central bank digital currency (CBDC).

The U.S. federal government and Federal Reserve system are currently exploring a potential digital dollar for the United States.

“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said.

“The bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom — not stifling it.”

Fox Business reported:

Cruz explained in a press release that unlike decentralized cryptocurrency like Bitcoin, digital currencies created by the government are centralized and could be more vulnerable to cyber attacks or even used as a tool to surveil Americans’ private transactions. The bill is cosponsored by Sens. Mike Braun (R-Ind.) and Chuck Grassley (R-Iowa).

“Allowing the government to centralize Americans’ financial information and increase surveillance of Americans’ financial activity is simply a bad idea,” Braun said. “The federal government should not have even more control over your own money. I support this legislation to allow entrepreneurship to prosper and keep the federal government from further encroaching on your privacy rights.”

“The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government,” Grassley added. “Policy this impactful should be made by Congress, not government bureaucrats, and our bill would ensure that no one is snooping on the finances of hardworking Americans. Every American deserves that peace of mind.”

As WeLoveTrump reported, the Federal Reserve will introduce its FedNow instant payment service in July.

MUST-WATCH: Northern Ireland Financial Investor Melissa Ciummei “The Pandemic Will End When the Digital Monetary System Is In Place”

The FedNow Service is widely seen as the foundation to a central bank digital currency.

Some states, such as Florida and South Dakota, have taken action to prevent the usage of a CBDC.

Republican Governor Proposes Legislation to Ban CBDCs in State


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