US Rep. Tom Emmer Pushes Pro-Stablecoin Laws, Rejects CBDCs

YEREVAN (CoinChapter.com) — US Representative Tom Emmer called for pro-stablecoin legislation and warned against central bank digital currencies (CBDCs) during a March 11 House Financial Services Committee hearing. He described CBDCs as a threat to privacy and financial independence.

On March 6, Emmer reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives. The bill aims to block any future administration from issuing a US CBDC without Congressional approval. At the hearing, he stressed that unelected officials should not have the power to launch a digital dollar that could be used for financial surveillance.

Trump’s Executive Order Against CBDCs and Tom Emmer’s Legislative Move

On Jan. 23, Donald Trump signed an executive order banning the establishment, issuance, and use of a US CBDC. Emmer argued that this decision could be reversed by a future administration. He stated that his legislation would prevent any government from using a digital currency as a tool to monitor financial transactions.

During the hearing, Emmer called CBDCs “inherently un-American”, expressing concerns over government control and data tracking. He emphasized that stablecoins could serve as a more private and efficient financial alternative.

Paxos CEO Urges Clear Stablecoin Regulations

During the same hearing, Paxos CEO Charles Cascarilla called for consistent stablecoin regulations across jurisdictions. He warned against regulatory loopholes that could allow stablecoin issuers to operate under different rules depending on the country.

Cascarilla stated:

“We want to make sure we have the same set of rules in the US as we have around the world so that there isn’t some arbitrage that is possible to issue from another jurisdiction. And by having that same set of rules that everyone has to meet in order to access the US market, it will actually create a race to the top, not a race to the bottom.”

He emphasized that regulatory clarity is necessary to prevent companies from relocating to countries with looser regulations.

Tom Emmer Pushes Stablecoin Legislation Over CBDCs

Emmer also highlighted the need for stablecoin legislation alongside anti-CBDC measures. He argued that stablecoins provide a reliable digital payment system without the risks of government surveillance.

“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation,”

he said.

Crypto Companies Spend Millions on US Elections

A March 7 report by the Center for Political Accountability (CPA) highlighted concerns over the political influence of cryptocurrency firms.

Notably, according to the report, crypto firms spent $134 million on the 2024 US elections. Above all, the report raised concerns about unchecked political spending and its impact on future financial regulations.