The US House is preparing to advance its annual National Defense Authorization Act (NDAA), which outlines military spending and policy for the coming year.
However, a debate has emerged over whether the bill should include language to prevent a central bank digital currency (CBDC).
On December 7, House Republicans released the 3,000-page bill without the CBDC restriction that Speaker Mike Johnson reportedly agreed to include.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Cardano in Crypto? (Easily Explained!)
On December 9, Rep. Keith Self of Texas submitted an amendment to restore the missing language. His proposal, called the “Anti-CBDC Surveillance State” amendment, would stop the Federal Reserve from creating, testing, or operating a digital version of the US dollar.
Self stated in a post on X, “Conservatives were promised that language banning a Central Bank Digital Currency (CBDC) would be included in the must-pass National Defense Authorization Act (NDAA)”.
According to Politico, House Republican leaders are aiming to pass the defense package by December 10. The NDAA is considered a must-pass measure that funds the Department of Defense each year.
The amendment also makes room for digital assets that function more like traditional cash. It explicitly allows “dollar-denominated currency that is open, permissionless, and private”, to ensure users can still transact with the same level of privacy offered by physical money.
Citadel Securities asked the US Securities and Exchange Commission (SEC) to impose stricter rules on DeFi platforms that trade tokenized US stocks. Why? Read the full story.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
