SE Wyoming News

WASHINGTON, D.C. — U.S. Senator Cynthia Lummis (R-WY) expressed her concerns about the threat a U.S. Central Bank Digital Currency (CBDC) would pose to Americans’ privacy during a recent congressional hearing. Lummis questioned Jerome Powell, Chair of the Federal Reserve, about the administration's lack of authority to introduce a U.S. Central Bank Digital Currency.

"This administration cannot and should not erode Americans’ privacy by introducing a CBDC," said Lummis firmly, highlighting her strong stance on the issue. She further emphasized, "I remain convinced that there are other crypto assets that strike the balance of giving Americans secure and instant payments without unnecessary government interference."

In a show of cautious optimism, Lummis noted, “I am encouraged that Chairman Powell recognizes the Federal Reserve cannot unilaterally introduce CBDCs, and I will continue to monitor the Federal Reserve’s work in this area closely.” The senator's vigilance demonstrates her commitment to ensuring that any developments in the realm of digital currencies uphold the privacy and security of American citizens.

The debate surrounding Central Bank Digital Currencies continues to evolve, with key figures like Senator Lummis advocating for alternative solutions that prioritize privacy and security. The intersection of technology, finance, and government regulation remains a complex issue, and stakeholders like Lummis play a crucial role in shaping the future landscape of digital payments.