Rep. Keith Self Proposes CBDC Ban Amendment in Defense Bill
- Rep. Keith Self submitted an amendment to the National Defense Authorization Act (NDAA) to ban central bank digital currencies (CBDCs).
- The amendment prohibits the Federal Reserve from testing, developing, or implementing a CBDC or similar digital assets.
- House GOP leaders plan to pass the defense bill without the CBDC ban language, which was reportedly promised to conservatives.
- The amendment includes exceptions for “dollar-denominated currency that is open, permissionless, and private,” preserving privacy protections similar to physical cash.
Rep. Keith Self’s proposed amendment aims to restrict the Federal Reserve from creating or managing any form of CBDC, addressing concerns about government control over personal finances. The NDAA currently lacks this provision despite prior assurances, leading to pushback from some Republican members.
The inclusion of a CBDC ban is seen as crucial by some lawmakers who fear increased government surveillance and control over individual financial activities if such digital currencies are implemented. (Source)
