Ted Cruz submitted a companion legislation, which could forbid the Fed to issue a direct-to-consumer digital dollar to American consumers.
The American politician and attorney serving as the junior United States Senator for Texas – Ted Cruz – introduced a bill restraining the Federal Reserve from launching a central bank digital currency directly to the broad society. The legislation was first submitted in January 2022 by Congressman Tom Emmer.Public cryptocurrencies such as bitcoin are much different than centralized CBDCs. The latter are issued and monitored by a government entity or a central bank.
The bill also aims to preserve the dominance of the US national currency without competing with the private sector.
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