Minnesota Representative Tom Emmer has reintroduced a bill to stop the U.S. government from creating a digital dollar.
He made the announcement on March 6, saying he wants to protect people’s financial privacy. This bill is now being discussed in Congress.
Emmer first introduced this idea back in 2022, and in May 2024, the House of Representatives approved it. But after that, it got stuck in the Senate, so nothing happened. Now, he’s bringing it back, especially after former President Donald Trump signed a rule on January 23 that already banned the creation of a U.S. digital dollar.
This bill would change the rules for the Federal Reserve, which is the government’s main bank. It would make sure that the government can never create a digital dollar or anything similar. Right now, Trump’s ban is just a temporary rule, but Emmer wants to make it permanent so that future presidents can’t change it.
He said, “Now, we must codify this executive order in law and permanently ban their development so a future administration cannot weaponize this technology against Americans.”
So far, about 100 Republican lawmakers support this bill. But it’s not clear if it will actually pass. Some people are worried that if the government creates a digital currency, it could track what people spend and control their money. That’s why Emmer and his supporters are against the idea of a U.S. digital dollar.
Meanwhile, Trump is hosting a Crypto summit at the White House. He’ll be joined by David Sacks, an expert in crypto and AI, and Bo Hines, a presidential advisor. They will talk about the future of digital money in the U.S., and Trump is expected to announce a new U.S. crypto plan. It’s not clear if they will discuss digital dollars, but the topic of cryptocurrency will definitely be a big focus.
While the U.S. is saying no to a digital dollar, other countries are moving forward. On March 3, Israel shared a design for a digital shekel, and the European Central Bank is still working on a digital euro.
Also Read: U.S Lawmakers Tom Emmer Ritchie Torres Team Up for Crypto Caucus
