Summary
- US Republicans are considering a backdoor legislative push to include a CBDC ban provision in legislation extending the Foreign Intelligence Surveillance Act, or FISA.
- Senate Republican Whip John Thune said any FISA extension carrying a CBDC ban provision would be "dead on arrival" in the Senate.
- The Senate passed a housing-related bill in March that would restrict the Federal Reserve's issuance of a CBDC and ban the issuance of a CBDC or similar digital asset through the end of 2030.
Forecast Trend Report by Period
House Republicans are weighing a legislative workaround to add a ban on a US central bank digital currency, or CBDC, to another bill, though the effort faces long odds in the Senate.
Eleanor Terrett, host of CryptoAmerica, said on April 28 that House Republicans are considering using legislation to extend the Foreign Intelligence Surveillance Act, or FISA, as a vehicle for a permanent CBDC ban. The move comes after a housing-related bill that included the CBDC provision became stalled.
The response in the Senate has been negative. Laura Weiss of Punchbowl News reported that Senate Republican Whip John Thune said any House-passed FISA extension carrying a CBDC ban would be "dead on arrival" in the Senate.
The House knows that as well, he added, underscoring the measure's poor chances of advancing.
There is also significant opposition among Senate Democrats to a permanent CBDC ban.
In March, the Senate passed a bipartisan housing-related bill that included a provision limiting the Federal Reserve's ability to issue a CBDC. The bill would bar the Fed from directly issuing a CBDC or similar digital asset, or from issuing one indirectly through financial institutions, through the end of 2030.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
