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GOP Sen. Ted Cruz Proposes Ban on a CBDC
The effort by the Texas senator adds to a similar state-level measure proposed earlier this week by Florida Gov. Ron DeSantis.
Updated Mar 27, 2023, 4:29 p.m. Published Mar 22, 2023, 3:02 p.m.
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Sen. Ted Cruz (R-Texas) introduced a bill on Tuesday aimed at blocking the Federal Reserve from creating a consumer-based central bank digital currency, or CBDC.
"The federal government has no authority to unilaterally establish a central bank currency," Cruz said in a press release. "This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States."
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The bill was cosponsored by Sens. Mike Braun (R-Ind.) and Charles Grassley (R-Iowa).
Earlier this week, Florida Gov. Ron DeSantis, who is a likely GOP presidential candidate, introduced a bill to prohibit the use of a national CBDC in Florida.
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- The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
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