Ted Cruz is the latest to say no to Digital Dollar

Just a week after Florida Governor Ron DeSantis introduced a bill to ban the introduction of central bank digital currency (CBDC), Texas Senator Ted Cruz has followed suit and introduced his own bill that would prohibit the Federal Reserve from developing a direct-to-consumer digital dollar.

The bill, which was cosponsored by Senators Mike Braun and Chuck Grassley, aims to safeguard financial privacy, maintain the dollar’s dominance, and foster innovation.

Cruz noted that such a CBDC could be used as a financial surveillance tool, which would also centralize consumers financial information and make it vulnerable to attack.

Senator Cruz said that “The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it.“

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Read more about the pushback against CBDC: The Potential Risks of CBDCs: Cato Institute Calls for Congress to Prohibit Digital Dollar