In a recent statement posted on X (formerly Twitter), United States Representative Tom Emmer, the majority whip of the U.S. House of Representatives, aligned himself with former President Donald Trump’s stance on central bank digital currencies (CBDCs), highlighting the shared concern for financial privacy.
Emmer echoed Trump’s reservations about CBDCs during a campaign speech in New Hampshire on Jan. 17, where Trump pledged to block the U.S. Federal Reserve from introducing a CBDC if re-elected as president.
The primary motivation behind Trump’s opposition to CBDCs lies in fears of de-banking and the potential misuse of the digital currency by political entities. Emmer, in solidarity with Trump, emphasized his commitment to collaborative efforts aimed at countering what they perceive as an expansion of government surveillance.
To substantiate his stance, Emmer pointed to the CBDC Anti-Surveillance State Act, a proposed legislation he introduced and backed by 75 co-sponsors. The act is designed to act as a crucial safeguard against government surveillance of individuals’ financial transactions, should it be successfully passed into law.