The US was last week on the edge of defaulting international payments. An embarrassment, as a developed nation would have it, has now taken a back seat with two new crypto bills claiming priority on Capitol Hill. The debt ceiling has often been called a self-created problem that troubles the world. CBDC is in their hands and probably, therefore, a priority.
Earlier talks have seen discussions on how cryptocurrencies should be classified and how they should be regulated. The House and Senate are moving ahead with two bills, namely Digital Dollar Pilot Prevention Act and Dark Web Interdiction Act.
The Digital Dollar, Pilot Prevention Act, was introduced by Alex Mooney. It has already found 14 Republican cosponsors. The aim is to prevent CBDC from taking off the ground. It also goes on to cover other digital tokens that would be issued by the US Government. According to a statement by Mooney, CBDC poses a significant threat to taking the traditional economy off the track, especially for Americans who abide by the law.Mooney has further stated that CBDCs are only being used by authoritarian countries with the intention of cracking down on dissent.
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With a large number of Republicans betting in favor of the bill, there is rising speculation that the single party has taken the job of advocating opinion against the CBDC. Concerns are pretty valid to a certain extent. A lot of the motivation comes from the fact that there is a rising threat to the privacy of the people, along with anonymity and data governance. CBDC can, therefore, proceed if there are legal steps in place to deal with repercussions.
The Dark Web Interdiction Act has been tabled by Chris Pappas and Tony Gonzales with the objective of implementing stricter punishments for those who leverage the platform to traffic controlled substances. The Act also directs the Attorney General to file the issue with Congress about the role of cryptocurrencies in the dark web.
Meaning a report must be prepared to highlight the specific tokens which are being used for drug dealing on the dark web.
Both bills follow the attempts of lawmakers to advance the cause of cryptocurrency in the US. There are differences, for sure, but the Bills introduced go on to highlight that it is rather better to stick to the traditional system. Needless to say, there is merely a single perspective. Another aspect of the situation is that there are many gray areas that must be looked into before boosting the widespread adoption of cryptocurrency in the country.
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Both the bills have found their way to the table and are up for discussion. Joe Biden remains concerned about raising the debt ceiling since the deadline is June 05, 2023. Assuming the issues remain on the ground, the US will have a major embarrassment on the international stage because the country will default on its payments.
