He reintroduced the CBDC Anti-Surveillance State Act on March 6, aiming to prevent future U.S. administrations from launching a CBDC without Congressional approval. Emmer emphasized that CBDCs could lead to government overreach, threatening citizens\u2019 privacy.<\/p>\n
During the same hearing, Paxos CEO Charles Cascarilla called for consistent global stablecoin regulations to avoid regulatory arbitrage and ensure fair competition. Emmer, advocating for stablecoins, highlighted their potential to bring traditional finance onto the blockchain while preserving privacy. He argued that stablecoin legislation should be prioritized alongside anti-CBDC efforts.<\/p>\n
Emmer also stressed that the development of stablecoins could help bridge the gap between the traditional financial system and the decentralized economy, offering more secure and efficient financial transactions. He noted that a balanced approach to stablecoin regulation would allow for growth and innovation while protecting consumers from potential risks associated with digital currencies.<\/p>\n