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A group of five U.S. senators, including Ted Cruz, Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun, have united against President Joe Biden’s proposed “digital dollar.” These senators jointly introduced the CBDC Anti-Surveillance State Act, aiming to prohibit the issuance of central bank digital currencies (CBDCs) and challenge the Federal Reserve’s authority in implementing them. The bill specifically restricts the Federal Reserve’s power “to offer certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.”
Simultaneously, the U.S. House Financial Services Committee (HSFC) has voted in favor of a resolution targeting the reversal of a U.S. Securities and Exchange Commission (SEC) guideline hindering banks from participating in crypto custody. The SEC’s Staff Accounting Bulletin No. 121, established in March 2022, imposes guidelines that require institutions holding crypto assets in custody to record them as liabilities on their balance sheets. The HFSC, in a press release, stated that by overturning SAB 121, the resolution aims to remove obstacles preventing well-regulated banks from acting as custodians of digital assets, thus ensuring consumer protection.
Calling for a shift towards decentralization and more lenient regulations, SEC Commissioner Hester Peirce, known as “Crypto Mom,” expressed her perspective on the U.S. regulatory landscape. Speaking at the ETHDenver conference, Peirce emphasized that decentralization adds resilience and strength to the financial system, standing in stark contrast to the traditional SEC approach. She addressed various crypto-related topics, including the SEC’s future after the U.S. presidential election later in 2024, the potential for spot Bitcoin exchange-traded funds (ETFs), central bank digital currencies (CBDCs), and concerns related to state financial surveillance.
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