Congressman Tom Emmer Offers to Help Donald Trump Fight Central Bank Digital Currencies

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. 

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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. 

People Also Read: Donald Trump Vows to ‘Never Allow’ Creation of a CBDC in the United States

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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.

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