United States of America: Introduced CBDC Anti-Surveillance State Act to Restrict Central Bank Digital Currencies (SB 3801)

On 26 February 2024, the CBDC Anti-Surveillance State Act (SB 3801) was introduced in the US Senate. The Act proposes amendments to the Federal Reserve Act, aiming to restrict Federal Reserve banks from offering certain products or services directly to individuals. Specifically, it prohibits the direct and indirect issuance of central bank digital currencies (CBDCs) to individuals. The Act outlines measures to prevent the use of CBDCs in implementing monetary policy. It mandates Congressional authorisation for the issuance of CBDCs by the Federal Reserve and the Secretary of the Treasury. Additionally, it includes provisions to protect private, permissionless, dollar-denominated currencies that preserve the privacy protections of US coins and physical currency.