Congress News

The “CBDC Anti-Surveillance State Act,” aimed at preventing the Federal Reserve from issuing a central bank digital currency, has passed the House Financial Services Committee.

The digital assets subcommittee heard from five witnesses on a U.S. CBDC, most of whom had little good to say about it.

The majority of the tech leaders in attendance agreed that AI needs to be regulated, with Elon Musk calling the meeting a game changer for civilization.

The bill would limit the Fed from issuing a CBDC, which Tom Emmer called a surveillance tool that would “undermine the American way of life.”

The legislation is expected to be a guide for managing both the potential benefits and risks associated with AI technology.

Philip Jefferson, who has been serving as a Fed governor since 2022, will take on the No. 2 role under Chair Jerome Powell at the central bank until 2036.

The committee members suspect the Fed is trying to hold up Congressional efforts to pass stablecoin legislation by restricting banks’ actions.

Representative Derek Kilmer will chair the Artificial Intelligence Working Group, which is aimed at introducing “sensible, bipartisan” policies for AI technology.

Their letter aimed to explore whether these guidelines might inadvertently hinder the progress and growth of cutting-edge innovations.

The Republican bill, dubbed FIT for the 21st Century, was drafted by two House committees and passed after strenuous preparations by members of both parties.

Republican leadership has blamed the Biden administration for not having a “sense of urgency” on stablecoins, while the Democratic response suggested “impatience” by lawmakers.

With the United States government accused of covering up extraterrestrial activity, crypto degens were quick to sprout a shiny batch of memecoins.

On July 26, six pieces of legislation were being considered by the House Financial Services Committee, including ones on regulatory clarity and consumer protection in the space.

Last week was marked by two new legislative initiatives for the crypto industry in the United States.

In a report requested by Rep. Maxine Waters, the country’s top watchdog is carefully neutral but dissatisfied with agencies’ abilities to work together.