CBDC Bill Takes Next Step Forward

Jun 14, 2024

The CBDC Anti-Surveillance State Act is now in the U.S. Senate. The House passed the measure and forwarded it to the Senate Committee on Banking, Housing, and Urban Affairs earlier this month. This is incredible progress. But now we need to carry the bill over the finish line.

Several amendments were added to the bill before passage. Today, we will look at the improvements to the bill, and what we must do now to get the Senate to pass this measure before it is too late. Read on. — Mat

Right now, the Senate Committee on Banking, Housing, and Urban Affairs has a bill designed to stop Joe Biden’s attempts to create a financial surveillance state via a Central Bank Digital Currency (CBDC).

HR 5403, an updated version of HR 1122, both named the CBDC Anti-Surveillance State Act, passed the House, and was sent over to the Senate for a vote.

Don’t let Joe Biden use a CBDC to spy on YOU!

The measure is now in the Senate banking committee, along with Sen. Ted Cruz’s companion bill, S 887. Meanwhile, Joe Biden and his globalist central banker pals are rushing ahead to eliminate cold, hard, untraceable cash in favor of a programmable digital currency trackable and controllable by the federal government and world banks.

“The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC,” says Sen. Ted Cruz (R-TX), sponsor of S 887.

Three amendments were added to HR 5403 before passage, and I think it is important to understand why these last-minute additions are so important.

Amendment 1 adds “that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee should not be permitted to develop, create, or implement a central bank digital currency, or use any such tool to implement monetary policy.”

Amendment 2 “prohibit[s] the Federal Reserve’s Central Bank Digital Currency (CBDC) pilot programs.”

Amendment 3 declares that the “Federal Reserve Bank cannot design, build, develop, establish, or issue a CBDC. Ensures the Treasury Department cannot direct the Federal Reserve Bank to do any of the above actions.”

These measures were added to block Biden’s Executive Order 14067, which authorized the Federal Reserve to begin exploring a CBDC.

As I have written previously, the Fed ran with Biden’s request to “investigate,” and began developing and testing a CBDC. This bill and these amendments force the Biden administration and the Federal Reserve to HALT ALL CBDC activities.

One of HR 5403 co-sponsors, Rep. Dusty Johnson (R-SD), explained the measure succinctly in a recent press release. “The Chinese Communist Party uses a central bank digital currency to track the transactions of their citizens, and in Canada, the Trudeau Administration froze bank accounts of individuals involved in trucker protests,” Johnson said. “This type of surveillance and restriction is wholly un-American. I’m glad the CBDC Anti-Surveillance State Act passed the House to protect the financial privacy and liberty of our citizens.”

“Unlike decentralized cryptocurrencies, such as Bitcoin, a CBDC is a digital form of sovereign currency that is issued, monitored, and managed by a central bank,” Johnson continued. “In short, a CBDC is government-controlled programmable money that, if designed without the privacy protections of cash, could give the federal government unilateral authority to surveil Americans’ transactions and restrict politically unpopular activity.”

Johnson noted that the White House’s corresponding report for EO 14067 “made it clear that the Biden Administration is not only wanting to create a CBDC, but they are willing to trade Americans’ right to financial privacy for a surveillance-style CBDC.” (emphasis added)

Now the Senate must determine if it will:

  • Prohibit the Federal Reserve from issuing a CBDC directly to anyone, ensuring the Fed can’t mobilize itself into a retail bank.

  • Prohibit the Federal Reserve from issuing a CBDC indirectly to individuals through financial institutions or other third parties.

  • Prohibit the Federal Reserve from using a CBDC as a tool to implement monetary policy and control the economy.

  • Require authorizing legislation from Congress for the issuance of any CBDC.

  • Protect private cryptocurrency innovation that reflects American values.

The Federal Reserve is racing ahead with its CBDC testing and implementation. We must demand the Senate stop this madness NOW before it is too late.

ALL these protections for the American people and our individual financial privacy can be achieved, if the Senate will VOTE YES on S 887.

Please, fax Congress now and demand they stop this reckless march toward socialism.

Liberty Counsel continues to fight the good fight, defending life, religious liberty, and the natural family. We have multiple U.S. Supreme Court wins under our belt, and we will not stop fighting until our precious liberties are safe and secure. We need your help. Please, help fund our crucial legal work today. As you know, Liberty Counsel never charges our clients. Few could afford to defend themselves against a government gone mad.

Mat Staver

Founder and Chairman
Liberty Counsel



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“Executive Order on Ensuring Responsible Development of Digital Assets.” The White House, March 9, 2022. Whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/.

Hamid, Zareef. “Council Post: What the SWIFT Linking Platform for CBDC Means for Global Payments.” Forbes, May 6, 2024. Forbes.com/sites/forbestechcouncil/2024/05/06/what-the-swift-linking-platform-for-cbdc-means-for-global-payments/?sh=48b1ab4a1caf.

“Johnson Votes to Prohibit Central Bank Digital Currency.” Representative Dusty Johnson, May 23, 2024. Dustyjohnson.house.gov/media/press-releases/johnson-votes-prohibit-central-bank-digital-currency.

‌“Sen. Cruz Introduces Legislation to Ban Central Bank Digital Currencies.” Office of U.S. Senator Ted Cruz of Texas, February 26, 2024. Cruz.senate.gov/newsroom/press-releases/sen-cruz-introduces-legislation-to-ban-central-bank-digital-currencies.

“SWIFT.” Wikipedia. Accessed May 15, 2024. En.wikipedia.org/wiki/SWIFT.