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.”Emmer, a Minnesota Republican, also criticized inherent privacy risks associated with CBDCs, saying that stablecoins could bring traditional finance onchain at a global scale while reserving privacy:“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation.”Related: US House follows Senate in passing resolution to kill IRS DeFi broker ruleAgainst the backdrop of rapid pro-crypto developments, a report by the Center for Political Accountability (CPA) raised concerns about the growing political influence of crypto companies in the US and potential risks to regulatory stability.
Emmer speaks during the House Financial Services Committee Hearing on CBDCs.Source: emmer.house.gov“CBDC technology is inherently un-American,” Emmer said at the hearing, warning that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”On Jan.23, President Donald Trump signed an executive order prohibiting “the establishment, issuance, circulation, and use” of a CBDC in the US.
US Representative Tom Emmer argued for prioritizing pro-stablecoin legislation in a March 11 House Financial Services Committee hearing, while calling central bank digital currencies (CBDC) a threat to American values.
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Author / Journalist: Cointelegraph by Arijit Sarkar
The story "America must back pro-stablecoin laws, reject CBDCs — US Rep. Emmer" has 400 words across 14 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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