Congressman Dusty Johnson Opposes Central Digital Bank Currency

Johnson Opposes Central Digital Bank Currency

Washington, D.C. – U.S. Representative Dusty Johnson (R-S.D.) cosponsored the CBDC Anti-Surveillance State Act to prevent the creation of a central digital bank currency (CDBC), protecting the financial privacy of all Americans.

Unlike decentralized cryptocurrencies, such as Bitcoin, a CBDC is a digital form of sovereign currency that is issued, monitored, and managed by a central bank. In short, a CBDC is government-controlled programmable money that, if designed without the privacy protections of cash, could give the federal government unilateral authority to surveil Americans’ transactions and restrict politically unpopular activity.

“Digital assets help the private market grow and innovate, but the government should not monitor and police the transactions of private, law-abiding citizens,” said Johnson. “This bill is necessary to protect the financial privacy and liberty of our citizens.”

Specifically, the CBDC Anti-Surveillance State Act:

• Prohibits the Federal Reserve from issuing a CBDC directly to anyone, ensuring the Fed cannot turn itself into a retail bank with the ability to collect financial information on Americans.
• Bars the Federal Reserve from indirectly issuing a CBDC through financial institutions or other third-party intermediaries.
• Prevents the Federal Reserve from using any CBDC as a tool to implement monetary policy and control the economy.
• Requires authorizing legislation from Congress for the issuance of any CBDC.
• Protects innovation that reflects American values.

The CBDC Anti-Surveillance State Act is led by House Republican Whip Tom Emmer (R-MN). Read full bill text here.

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