United States Representative Tom Emmer agreed with former President Donald Trump’s view of central bank digital currencies (CBDCs) as a threat to financial privacy.
Emmer, who is the majority whip of the U.S. House of Representatives, voiced his concerns in a post on X (formerly Twitter) on Jan. 19, echoing Trump’s apprehensions about CBDCs and their potential threat to financial privacy.
On Jan. 17, during a campaign speech in New Hampshire, Trump pledged to prevent the U.S. Federal Reserve from introducing a CBDC in the United States if elected president for a second time.
I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy.
I look forward to working with him as we continue the fight against the expanding government surveillance state.
— Tom Emmer (@GOPMajorityWhip) January 19, 2024
Trump’s strong opposition to CBDCs is due to concerns about the risks of de-banking and the potential for misuse of the currency by political actors.
Emmer expressed his dedication to working with Trump to oppose what they both perceive as an expansion of government surveillance, citing his CBDC Anti-Surveillance State Act, which is backed by 75 co-sponsors.
The proposed anti-CBDC legislation, if passed, would serve as a crucial safeguard to limit government surveillance of individuals’ financial transactions.
Despite Trump’s previous disapproval of Bitcoin and other cryptocurrencies during his presidency, he has ventured into the crypto space by introducing three nonfungible token (NFT) collections since leaving office.
Trump has made 1,075 Ether (ETH) from his NFT collections so far. The latest collection included his infamous mugshot, which was captured when he surrendered himself to authorities in Georgia in August 2023.
Bills against referring to a CBDC as money have been filed in the states of Utah, South Carolina, South Dakota and Tennessee. The bills would exclude a CBDC from the definition of money and could create significant roadblocks to its development in the United States.