U.S. House Approves Anti-CBDC Act Amid Biden and Trump’s Surprising Crypto Reversal

• As the United States gears up for another round of presidential elections, the digital assets landscape has seen some notable shifts.
• Former President Donald Trump has declared his acceptance of crypto-donations for his campaign, marking a significant development.
• Even the current Biden administration, previously perceived as being anti-crypto, has taken significant strides towards embracing cryptocurrencies.

Discover the latest developments in U.S. cryptocurrency regulations and how they could shape the future of digital assets.

Key Crypto Bills Passed Amid Election Year

In a series of recent developments under the Biden administration, on 23 May, the CBDC Anti-Surveillance State Act was approved by the U.S House of Representatives in a largely partisan vote. Additionally, on 22 May, the Financial Innovation and Technology for the 21st Century Act (FIT21 Act) was also passed, despite President Biden’s opposition to the same. These consecutive actions demonstrate significant progress being made in U.S cryptocurrency regulations, especially since they follow the repeal of the SEC’s Staff Accounting Bulletin 121 (SAB 121) on 16 May.

Impact on the Digital Asset Landscape

The CBDC news was met with great enthusiasm by the crypto community. An X user, ‘Bitcoin for Freedom’, commented, “Game theory forced the US House to ban CBDC even though they would love it. They see that they would get left behind. Time for #bitcoin. This is insanely bullish!” However, it’s worth noting that the debate on the Republican-backed bill was lightly attended. The Republicans worried about CBDC abuse, while the Democrats criticized the bill’s drafting.

Commenting on the matter, Rogan O’Handley, aka DC Draino, one of Trump’s top presidential surrogates and political influencers, said, “CBDC is one of the greatest threats to our freedom b/c the gov’t could track every dollar you spend and even ‘turn off’ your money.” Just a day prior to the vote on the CBDC Anti-Surveillance State Act, Tom Emmer, Majority Whip of the U.S House of Representatives, highlighted the adverse effects of CBDCs in a series of posts.

Global Acceptance of CBDCs

Amidst uncertainty surrounding the rollout of CBDCs, Europe will soon unveil its own digital currency: The Digital Euro. According to European Central Bank President Christine Lagarde, the Digital Euro will be utilized as a tool for exerting control. However, she noted, “Digital Euro is going to have a limited amount of control. There will be control…. As zero control could be dangerous.”

Conclusion

In conclusion, the recent legislative actions in the U.S. signify a pivotal moment for cryptocurrency regulations. With both major political parties now engaging in the crypto debate, the future of digital assets in the United States appears to be heading towards greater regulatory clarity. As global counterparts like Europe also move forward with their own digital currencies, the landscape of digital assets is set for significant transformations. Investors and stakeholders should stay informed and prepared for the evolving regulatory environment.