CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$23,172.00
  • ethereum
    ETH$1,586.98
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Sen. Ted Cruz Introduces a Bill to Prevent the Fed From Issuing a CBDC

    Sen. Ted Cruz Introduces a Bill to Prevent the Fed From Issuing a CBDC

    Author: Dimitar Dzhondzhorov

    Last Updated Mar 31, 2022 @ 14:21

    Ted Cruz submitted a companion legislation, which could forbid the Fed to issue a direct-to-consumer digital dollar to American consumers.

    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

    Public cryptocurrencies such as bitcoin are much different than centralized CBDCs. The latter are issued and monitored by a government entity or a central bank. In contrast, BTC is decentralized and can be transferred anywhere on a peer-to-peer basis without the need for an intermediary.

    The 51-year-old Republican Senator Ted Cruz is, by all means, a bitcoin proponent and a CBDC critic. Recently, he introduced legislation that aims to prohibit the Federal State from developing a direct-to-consumer digital dollar to Americans. He believes that the Fed could use such a product as a surveillance tool, similar to what China does.

    The bill also aims to preserve the dominance of the US national currency without competing with 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.

    Ted_Cruz
    Ted Cruz, Source: New York Times

    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.

    ADVERTISEMENT

    ”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.

    Why is Ted Cruz Pro-Bitcoin?

    The Republican is among the biggest proponents of the primary cryptocurrency among the US political elite. Not long ago, he said he supports the asset because it represents freedom and decentralization, and the authorities cannot control it (a concept completely different from that of CBDCs).

    He believes that those merits have become a reason for the total crypto ban imposed in China last year. Additionally, he thinks Elizabeth Warren – Senior Senator of Massachusetts – disregards 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.”

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • Deloitte
      Combining Bitcoin's Best Attributes With Features of Established Fiat Will be Revolutionary: Deloitte
    • TheSEC
      No Bitcoin ETF Yet as SEC Rejects NYDIG and Global X Proposals
    • Pete Sessions
      US Congressman: Bitcoin Mining Will be Beneficial for America's Energy Independence
    Tags: Bitcoin CBDC United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Dimitar Dzhondzhorov
    More posts by this author

    Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

  • bitcoin
    BTC$23,172.00
  • ethereum
    ETH$1,586.98
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!