On Tuesday, Senator Ted Cruz, a Republican from Texas, introduced a bill that would prevent the Federal Reserve from creating a consumer-oriented central bank digital currency (CBDC). According to Cruz, the federal government lacks the authority to establish a central bank currency, and this legislation ensures that cryptocurrency is allowed to thrive in the United States without being centralized or controlled by the government.
The bill received support from Senators Mike Braun of Indiana and Charles Grassley of Iowa. Additionally, Florida Governor Ron DeSantis, who may run for the GOP presidential nomination, introduced a bill earlier this week to prohibit the use of a national CBDC in Florida.