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Recently, Texas Senator Ted Cruz has introduced a bill that would prohibit the use of Central Bank Digital Currencies (CBDCs) in the United States. The bill, titled the “Protecting Consumers from Unreasonable Credit Exposure Act of 2021”, is aimed at protecting consumers from the potential risks associated with CBDCs.
CBDCs are digital currencies issued by central banks, and they are seen as a potential alternative to traditional fiat currencies. While CBDCs have the potential to offer a number of benefits, such as faster payments and improved financial inclusion, they also come with a number of risks. These risks include the potential for money laundering, terrorist financing, and other illicit activities.
In introducing the bill, Senator Cruz stated that “The United States must take a leadership role in protecting consumers from the potential risks associated with CBDCs. We must ensure that any digital currency issued by a central bank is subject to the same rigorous standards and oversight as other forms of currency.”
The bill would require the Federal Reserve to conduct a thorough review of any proposed CBDC before it is issued. It would also require the Federal Reserve to provide a detailed report to Congress on the potential risks associated with CBDCs.
The bill has been met with both support and criticism. Supporters of the bill argue that it is necessary to protect consumers from the potential risks associated with CBDCs. Critics, however, argue that the bill could stifle innovation and limit the potential benefits of CBDCs.
Regardless of the outcome of the bill, it is clear that Senator Cruz is taking a proactive approach to protecting consumers from the potential risks associated with CBDCs. It remains to be seen whether the bill will pass, but it is clear that Senator Cruz is taking the issue of CBDCs seriously.
doing the lords work
Ted’s one of us
CBDC will end freedom and they will kill crypto.
Good move, wish more would follow
As much hate as Ted gets he actually does some things that are in our interest
Still don’t like Cruz, but at least this helps us
Can’t believe I agree with Ted Cruz on something, but he’s doing great work with this
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Good to see more pushback against authoritarianism.
While I don’t agree with Ted Cruz most stances, I salute this one!
A government pushing a CBDC would likely also (at the same time) put huge restrictions on usage of all other digital currencies. It also gives the government the ability to blacklist your wallet at anytime for any reason, meaning they could instantly cut you off from making any type of purchases or have control over what you can and cannot purchase. It is way too much power in the hands of people who have shown they only care about their own power bases. Hopefully this bill gets some traction.
Absolutely based move by him.
Nice!
While this is great news dont get me wrong, he will benefit from this some way some how, that’s how politicians operate
LMAO dude probably is just heavily invested in crypto 😂Ted Cruz helping the American people without something in it for him? He would never
I don’t know how I feel about this
One on hand, fuck CBCDs
On the other, fuck Ted Cruz
He is pretty pro crypto so i’ll give him that, but the rest of his antics, yuck
Yup, ok good. But please don’t idolize him just because he did one nice thing, it’s their job.
Got downvotted by telling people nicely to not be dumb voters.
A good attitude by a politician, rare sight.
I have never really liked Cruz but everybody has something they’re good at/for.
Fucking cuck
Thanks Mr Ted
Honestly not expected from Ted Cruz, last time he fled when people needed him. Maybe he’s changed
Cruz just wants more capital to flow into Texas. Coinbase taking steps towards lobbying will change the tune of some reps too. Don’t be fooled into thinking these politicians actually care about you.
Glad to see TX being a leader in the crypto space.
I’m so glad I can just get up and move to Texas if I choose to. EU is becoming crazier by the day…
Ted Cruz is a real man and a real American im glad to see they still exist
bless him 🙂
Being on the same page as Ted Cruz physically hurts me.
Cbdc bad !
I mean talk about pro crypto. This guy owns bitcoin I’d bet my ass on it
Fun fact: Ted Cruz thinks CBDC is some sort of cannabis-buying scheme.
This is definitely a good thing. Hopefully this will pass and be followed.
I know there are other political moves more questionable but he is absolutely on the right side with this.
I don’t like any politician, but it’s a lot easier to tolerate a pro crypto politician. 😂
Where do I sign in vote for this
Me and all my homies hate Ted Cruz
Honestly, one of the better things to come from Texas
Anti cdbc bill defined..
The anti-CBDC bill is a legislation proposed by Republican Senator Ted Cruz to block a central bank digital currency (CBDC) from being issued in the United States. The bill is co-sponsored by Senators Mike Braun (R-Ind) and Charles E. Grassley (R-Iowa). Senator Cruz argued that having a CBDC in the States, controlled by the Federal Reserve, would jeopardize Americans citizens’ financial information and pave the way to a potential surveillance state
CBDCs are a digital version of a state’s fiat currency—like the U.S. dollar or the euro—backed by the central state
Fucker planned on flying to Cancun during the worst blizzard Texas has faced in a long time. Came back only because people called him out on it. Millions without power, total death toll was 246.
Pretty sure this guy has ulterior motives.
Edit: There’s only one party, the Rich Party, and we’re not allowed to join
Tee Cruz good? Ted Cruz bad? Ted Cruz make me confused and sad.
Texas will become its own independant nation with no cbdc allowed. I’m moving to Texas to help build a new wall who’s coming with me.
Announces that Bitcoin will be the new currency of Texas.
You think he is trying to ban it for your benefit and he supports crypto. He doesnt. Digital currencies are coming, why not introduce legislation which includes privacy and limitations? America will be left behind if they do not proactively get involved in this space.
Never thought I’d see this happen.
Ted Cruz of all people!
Reality is stranger than fiction, but well… The enemy of my enemy is my friend.
Guys got my vote !
Never change Ted.