No CBDC Act: The Bill That Could End Government-Controlled Digital Money

U.S. Senator Mike Lee (R-UT) announced on Feb. 6 that he has reintroduced the No CBDC Act, a bill aimed at preventing the Federal Reserve from issuing a central bank digital currency (CBDC). The bill is co-sponsored by Senators Ted Cruz (R-TX) and Rick Scott (R-FL) in the Senate, with Representative Andy Ogles (R-TN) introducing a companion measure in the House.

The legislation follows President Donald Trump's recent executive order blocking federal agencies from creating a CBDC. Lee stated:

President Donald Trump recently banned federal agencies from creating a CBDC through an executive order; this legislation would enshrine the ban permanently in law.