Catenaa, Friday, April 03, 2025- A US House committee has approved legislation aimed at halting the Federal Reserve from issuing a central bank digital currency, escalating Republican opposition to a government-backed digital dollar.
The House Financial Services Committee voted 27-22 on Thursday to advance the Anti-CBDC Surveillance State Act, sponsored by Majority Whip Tom Emmer, R-Minn. The bill would bar the Fed from directly offering a digital currency to individuals.
The vote follows months of partisan debate over digital asset policy. Republicans have championed stablecoin innovation as a free-market alternative, while resisting CBDCs they say could give federal agencies sweeping power.
The committee also considered the STABLE Act, sponsored by Reps. Bryan Steil, R-Wis., and French Hill, R-Ark., which would establish a regulatory framework for stablecoins while preserving privacy safeguards.
The Federal Reserve has taken a cautious approach to digital currencies. Fed Chair Jerome Powell told lawmakers recently that the central bank is not pursuing a digital dollar under current leadership.
A recent global survey found that regulatory uncertainty and privacy concerns have slowed CBDC development worldwide. The share of central banks planning to issue CBDCs dropped from 38% in 2022 to 18% in 2025.
The bill now moves to the House floor, where it is expected to fuel broader debate over the future of US digital currency policy.
