The House of Representatives yesterday passed the Anti-CBDC Surveillance Act alongside legislation for stablecoins (GENIUS Act) and crypto market infrastructure (Clarity Act). While the GENIUS Act has already passed the Senate, the Anti-CBDC bill still requires a Senate vote.
The current version of the Anti-CBDC bill has refined its language to block only retail central bank digital currencies. Earlier drafts could potentially have prevented the Federal Reserve from using distributed ledger technology (DLT) for a wholesale CBDC only usable by institutional users.
The legislation defines a central bank digital currency as “a form of digital money or monetary value that is—
(i) denominated in the national unit of account;
(ii) a direct liability of the Federal Reserve System; and
(iii) widely available to the general public.”
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