Congressman Tom Emmer Offers to Help Donald Trump Fight Central Bank Digital Currencies – Representative Tom Emmer has extended his assistance to former U.S. President Donald Trump in opposing the establishment of a central bank digital currency (CBDC) in the United States. Emmer aligns with Trump’s viewpoint, emphasizing that CBDCs present a significant risk to the financial privacy rights of Americans.
House Majority Whip Tom Emmer (R-MN) has affirmed his backing for former U.S. President Donald Trump in their shared opposition to the development of a digital dollar. The lawmaker expressed anticipation in collaborating with Trump as they persist in resisting the growth of the government surveillance state.
In the preceding week, Trump assured the American public that, should he secure the presidency in the imminent election, he is committed to preventing the establishment of a central bank digital currency (CBDC) in the United States. “As your president, I will never allow the creation of a central bank digital currency.”
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“Such a currency would give a federal government absolute control over your money. This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump said. Commenting on Trump’s statement regarding CBDCs, Congressman Emmer wrote on social media platform X Friday: “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.” The lawmaker added in a follow-up post: “Congressional Republicans have been fighting against the implementation of a surveillance-style CBDC. My bill, the CBDC Anti-Surveillance State Act, has 75 cosponsors and we are continuing to build support.”
Numerous Federal Reserve officials and legislators are skeptical about the necessity of a Central Bank Digital Currency (CBDC). Fed Governor Michelle Bowman, in particular, remains unconvinced by any compelling argument demonstrating that a digital dollar could address these issues more effectively or efficiently than available alternatives, and without posing fewer risks for consumers and the economy.
The Federal Reserve has begun exploring a digital dollar, but it hasn’t committed to creating one. In September last year, Fed Chair Jerome Powell clarified, “We have not decided to proceed (with a digital dollar). We see this as a process of at least a couple of years.” Emmer indicated that Trump is expected to become more crypto-friendly in his second presidential term.
Current data from Polymarket, a decentralized crypto predictions platform, shows Trump leading with a 48% chance of winning the election. Analysts, including those at Vaneck asset management firm, anticipate Bitcoin reaching record highs if Trump secures victory in the November U.S. presidential election.