Republicans Call CBDCs a Threat to Western Civilization

There's a battle happening right now in the US Congress over CBDCs. Two major anti-CBDC bills and one pro-CBDC bill were introduced last week. Republicans are generally against a government-back digital currency, with Rep. Warren Davidson even calling it a threat to Western civilization. Davidson previously commented that it is akin to the one ring from LOTR: "one ring to rule them all." Democrats seem to not be interested in one way or another, though some are coming out in favor of the Federal Reserve issuing a CBDC.

1. Tom Emmer's "CBDC Anti-Surveillance State Act" is designed to criminalize the creation of a CBDC. " “If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life." This bill currently has 50 co-signers. https://emmer.house.gov/press-releases?ID=AF7974C8-BAD5-4082-9E77-29A6D7EA5915
2. Alex X. Mooney's "Digital Dollar Pilot Prevention Act" aims to stop the exploration of creating and using a CBDC because they "threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent." https://mooney.house.gov/congressman-mooney-introduces-the-digital-dollar-pilot-prevention-act/
3. Stephen F. Lynch's "Electronic Currency and Secure Hardware (ECASH) Act" is meant to "promote greater financial inclusion, maximize consumer protection and data privacy, and advance U.S. efforts to develop and regulate digital assets." He also launched the Digital Dollar Caucus whose purpose is to explore CBDCs and advise lawmakers. https://lynch.house.gov/2023/9/rep-lynch-reintroduces-legislation-to-develop-electronic-version-of-u-s-dollar-and-announces-congressional-digital-dollar-caucus

I lean towards the Republicans on this one. Sure, CBDCs have certain benefits. This is why some 130 countries are in some phase of developing them. The problem, though, is that they concentrate power in the hands of people who already have too much power. If the main pillar of crypto is decentralization, then this is certainly its antithesis.

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