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Policy
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.
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.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
