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.”
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.