Senator Ted Cruz, a Republican from Texas and Ranking Member of the Senate Committee on Commerce, Science, and Transportation, recently proposed legislation to prevent the Federal Reserve from creating a central bank digital currency (CBDC) for consumer use.
Co-sponsored by Senators Braun (R-Ind.) and Grassley (R-Iowa), the legislation is designed to safeguard financial privacy by limiting the government’s ability to monitor individual transactions, according to Cruz and his supporters.
The introduction of this bill comes in response to concerns raised by Senator Cruz and others regarding CBDCs. Cruz’s proposed legislation aims to ensure that any U.S. digital currency policies prioritize financial privacy, uphold the dominance of the U.S. dollar, and encourage innovation.
