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CBDC Anti-Surveillance State Act Back in the Senate

CBDC Anti-Surveillance State Act Back in the SenateThe CBDC Anti-Surveillance State Act has been reintroduced in the Senate with the support of five U.S. senators. “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal,” said one senator who supports the bill. A central bank digital currency (CBDC) “would open the door for the federal government to […]

Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Texas Senator Ted Cruz Launches New Legislation To Ban Central Bank Digital Currencies (CBDCs)

Texas Senator Ted Cruz Launches New Legislation To Ban Central Bank Digital Currencies (CBDCs)

Republican senator Ted Cruz is continuing to press for the US government to ban central bank digital currencies (CBDCs). According to a new press release from Cruz (R-Texas), the Senator is introducing legislation to outright ban CBDCs. According to the release, the legislation is a partisan effort between Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted […]

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Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in Florida

Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in FloridaOn Friday Florida’s governor Ron DeSantis signed legislation that bans the use of a central bank digital currency (CBDC) in the state. Following the bill SB 7054 being signed into law, Florida’s Uniform Commercial Code (UCC) now explicitly forbids the use of a federally adopted CBDC as money. Florida Puts the Brakes on CBDCs The […]

Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

US Senator Ted Cruz Warns a CBDC Would Be ‘Profoundly Dangerous,’ Says Idea Is Backed by People Who Hate Bitcoin

US Senator Ted Cruz Warns a CBDC Would Be ‘Profoundly Dangerous,’ Says Idea Is Backed by People Who Hate Bitcoin

Texas senator Ted Cruz is warning of the dangers behind the adoption of a central bank digital currency (CBDC). In a new interview at a Bitcoin (BTC) policy summit hosted by Swan Bitcoin, Cruz says a CBDC gives the government too much control over people’s currency. “I’m very concerned about the risk of a CBDC. President […]

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Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Massive Capital Flight From US Banks Is ‘Extremely Concerning’, Hurts Main Street: Senator Ted Cruz

Massive Capital Flight From US Banks Is ‘Extremely Concerning’, Hurts Main Street: Senator Ted Cruz

Texas senator Ted Cruz says the amount of capital fleeing US banks is particularly concerning and could signal pain for everyday Americans. Cruz says capital is leaving the smaller financial institutions in favor of the larger banks, creating a consolidation of wealth within the most dominant enterprises. In an interview with Bloomberg, Cruz says Silicon […]

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Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Texas lawmakers propose a gold-backed state digital currency

The bills state that the trustee must hold a sufficient amount of gold in reserve for all units of digital currency that have been issued and are still in circulation.

Two Texas lawmakers have introduced identical bills for creating a state-based digital currency backed by gold, a move that comes despite objections from several United States lawmakers against introducing a central bank digital currency (CBDC).

Senator Bryan Hughes introduced Senate Bill 2334 on March 10, with Representative Mark Dorazio introducing House Bill 4903 on the same day, stating that a fractional equivalent amount of physical gold would back the proposed digital currency.

“Each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust,” the bills stated.

Text of one of the bills. Source: capitol.texas.gov

The bill explains that once a person purchases a certain amount of digital currency, the comptroller would use that money received to buy an equivalent amount of gold.

The purchaser would then receive digital currency equal to the amount of gold that the comptroller purchases with the money received from the purchaser.

The value of a unit of digital currency must be equal to the value of the appropriate fraction of a troy ounce of gold at the time of the transaction.

Related: CBDCs will lead to absolute government control

“The trustee shall maintain enough gold to provide for the redemption in gold of all units of the digital currency that have been issued and are not yet redeemed for money or gold,” the bill stated.

It was added that a fee might be established “at any rate necessary” to cover the costs of administering this chapter.

Although neither of the bills has been passed or presented for a vote, both state that this act will take “effect September 1, 2023.”

Several United States lawmakers have recently argued against the U.S. introducing a CBDC.

Florida Governor Ron DeSantis stated in a March 20 press conference that CBDCs would grant “more power” to the government, adding that it provides the government “with a direct view of all consumer activities.”

Meanwhile, on March 21, Republican Senator Ted Cruz introduced a bill to block the Fed from launching a “direct-to-consumer” CBDC, stating that it’s “more important than ever” to ensure U.S. policy on digital currencies protects “financial privacy, maintains the dollar’s dominance and cultivates innovation.”

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Texas Lawmakers Introduce Bill Proposing to Establish a Gold-Backed Digital Currency

Texas Lawmakers Introduce Bill Proposing to Establish a Gold-Backed Digital CurrencyTwo Republican lawmakers from Texas, senator Bryan Hughes and representative Mark Dorazio, have introduced legislation to create a gold-backed digital currency that could be enacted by the state legislature. The policymakers believe that this currency could greatly benefit the Lone Star State and, as an alternative digital currency, it could provide Texas residents with the […]

Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Georgia Rep. Marjorie Taylor Greene Criticizes Fednow Project, Pushes for Return to Gold Standard

Georgia Rep. Marjorie Taylor Greene Criticizes Fednow Project, Pushes for Return to Gold StandardOn Wednesday, Marjorie Taylor Greene (MTG), a Republican member of the U.S. House of Representatives, shared an article about the Federal Reserve’s Fednow project and criticized the central bank’s digital currency efforts. The representative from Georgia insisted that the U.S. should return to the “gold standard” and said she’s taking a “hard pass” on digital […]

Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Ted Cruz and Ron DeSantis take on the ‘digital dollar’: Law Decoded, March 20–27

Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency.

Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency (CBDC). Florida Governor Ron DeSantis — expected by many to throw his hat into the ring for the 2024 U.S. presidential race — has called for a ban on a digital dollar in the state. DeSantis spoke out against the Federal Reserve issuing and controlling a CBDC, claiming the initiative would grant “more power” to the government

Texas Senator Ted Cruz went even further, introducing a bill to block the Fed from launching a “direct-to-consumer” central bank digital currency. Cruz stated it’s “more important than ever” to ensure U.S. policy on digital currencies protects “financial privacy, maintains the dollar’s dominance and cultivates innovation.” The anti-CBDC bill is a second attempt by Senators Cruz, Braun and Grassley, who introduced a similar bill on March 30, 2022, to prohibit the Fed from issuing a CBDC directly to individuals.

Representative Tom Emmer introduced another anti-CBDC bill in February. The bill could prohibit the Fed from issuing a digital dollar directly to anyone, bar the central bank from implementing monetary policy based on a CBDC, and require transparency for projects related to a digital dollar. It’s also presented as an apparent effort to protect Americans’ right to financial privacy.

G7 to collaborate on tighter crypto regulation

The next G7 meeting in May might bring a push from seven of the world’s advanced economies for stricter regulations on cryptocurrencies globally. Together, leaders from Japan, the United States, the United Kingdom, Canada, France, Germany and the European Union will outline a cooperative strategy to increase crypto transparency and enhance consumer protections, as well as address potential risks to the global financial system, officials told journalists. 

Recommendations on the regulation, supervision and oversight of global stablecoins, crypto assets activities and markets are scheduled to be delivered by July and September 2023. It is unclear, however, what the overall tone of the recommendations will be.

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IRS calls for public feedback on taxing NFTs

The U.S. Internal Revenue Service (IRS) said it plans to release guidance on having nonfungible tokens (NFTs) treated as collectibles under the U.S. tax code. According to the government body, collectibles under U.S. tax law “do not have as advantageous capital-gains tax treatment as other capital assets,” seemingly referring to how crypto assets are currently taxed in the country. Under the U.S. tax code, selling collectibles such as coins or artwork is subject to a maximum capital gains tax rate of 28%. The proposed IRS guidance could apply the same standard to an NFT certifying ownership of a coin, piece of art or similar collectible.

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Texas lawmaker introduces resolution to protect Bitcoin miners 

Cody Harris, a member of the Texas House of Representatives, has introduced a resolution to have the legislature say the “Bitcoin economy is welcome” in the state. Harris encourages Texas lawmakers to “express support for protecting individuals who code or develop on the Bitcoin network,” as well as miners and Bitcoiners operating in the Lone Star State. House Concurrent Resolution 89, if adopted, would largely not apply to Texas’ laws and regulations but instead express a certain sentiment among lawmakers.

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Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison

Texas Senator Ted Cruz Launches New Bill To Block US Government From Creating CBDC

Texas Senator Ted Cruz Launches New Bill To Block US Government From Creating CBDC

Texas Senator Ted Cruz is proposing legislation to prevent the Federal Reserve from creating a central bank digital currency (CBDC). CBDCs are the digital form of a country’s fiat money and unlike cryptocurrencies like Bitcoin (BTC), these assets are issued and backed by the government. Cruz argues that the creation of the CBDC will centralize […]

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Former FTX Boss Sam Bankman-Fried Sentenced to 25 Years in Prison