House Passes Bill to Block Federal Reserve's Digital Currency Initiative

Legislation aims to protect financial privacy and prevent government overreach, faces uncertain future in Senate

The House voted 216-192 to advance the CBDC Anti-Surveillance State Act, blocking the Federal Reserve from issuing a central bank digital currency (CBDC).
Three moderate Democrats joined Republicans in supporting the bill, reflecting bipartisan concerns over financial privacy.
Proponents argue the bill safeguards against government surveillance and maintains individual sovereignty.
Critics, including top Democrats, warn the bill could hinder the U.S. in the global digital currency race.
The bill's future in the Democrat-controlled Senate remains uncertain, with potential challenges ahead.