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Pro-Bitcoiner, Senator Ted Cruz Introduces Bill to Prevent the Fed From Issuing a CBDC

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Pro-Bitcoiner, Senator Ted Cruz Introduces Bill to Prevent the Fed From Issuing a CBDC
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The American politician and attorney serving as the junior United States Senator for Texas – Ted Cruz – introduced a bill restraining the Federal Reserve from launching a central bank digital currency (CBDC) directly to the broad society. The legislation was first submitted in January 2022 by Congressman Tom Emmer.

Emer’s Bill Receives Support

Bitcoin and other public cryptocurrencies are not the same as centralized CBDCs. A government entity or a central bank issues and monitors the latter. BTC, on the other hand, is decentralized and can be transferred anywhere on a peer-to-peer basis, eliminating the need for an intermediary.

Senator Ted Cruz, a 51-year-old Republican, is a supporter of bitcoin and a critic of CBDC. He recently introduced legislation to prevent the federal government from developing a direct-to-consumer digital dollar for Americans. He believes that the Fed, like China, could use such a product as a surveillance tool.

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The bill also seeks to maintain the dominance of the US national currency while avoiding competition from the private sector.

“The federal government has the ability to encourage and nurture innovation in the cryptocurrency space or to completely devastate it. This bill goes a long way in making sure big government doesn’t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom – not stifling it,” Cruz stated.

The Senator’s bill is companion legislation to Congressman Tom Emmer, who introduced his proposal on January 18, 2022. The latter revealed he is “glad” that Ted Cruz has supported his vision.

”The Fed must only craft a CBDC framework that is open, permissionless, and private […] Anything less puts Americans on the road to CCP-style financial authoritarianism,” Emmer maintained.

A True Representative for Bitcoin

Among the US political elite, the Republican is one of the most vocal supporters of Bitcoin. He recently stated that he supports the asset because it represents freedom and decentralization and cannot be controlled by the authorities — a concept completely different from that of CBDCs.

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He believes that these benefits are the reason for China’s total crypto ban, which was imposed last year. Furthermore, he believes Elizabeth Warren, Senior Senator of Massachusetts, dismisses Bitcoin for the “exact same reason.”

“The Chinese communists and Elizabeth Warren both want to control your assets, your savings, your speech, your life, your children, every decision.”

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