Florida Governor Ron DeSantis seeks to ban US CBDC in state

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Part of Biden’s Exec­u­tive Order encour­aged the Finan­cial Sta­bil­i­ty Over­sight Coun­cil “to iden­ti­fy and mit­i­gate econ­o­my-wide (i.e., sys­temic) finan­cial risks posed by dig­i­tal assets and to devel­op appro­pri­ate pol­i­cy rec­om­men­da­tions to address any reg­u­la­to­ry gaps.”

Critics point to gaps in CBDC plan

How­ev­er, crit­ics of Biden’s plan — like Gov. De San­tis — argue that it plays into a wider Con­ser­v­a­tive agen­da with­in the Repub­li­can par­ty that argues any fed­er­al­ly sanc­tioned CBDC.

Accord­ing to De San­tis, a fed­er­al­ly reg­u­lat­ed CBDC “would dimin­ish the role of com­mu­ni­ty banks and cred­it unions in our finan­cial sys­tem as CBDC cur­ren­cy would be a direct lia­bil­i­ty of the Fed­er­al gov­ern­ment, rather than of a char­tered finan­cial insti­tu­tion, shrink­ing mar­ket lend­ing power.”

How­ev­er, there are oth­ers like U.S. law­mak­er Tom Emmer, who argue that bank­ing poli­cies that look unfa­vor­ably upon cryp­to, while also tout­ing the Fed’s own ver­sion of a set­tle­ment sys­tem, known as Fed­Now (set to launch in July), pro­pose any anti-com­pet­i­tive mar­ket stan­dard that priv­i­leges the government’s own finan­cial onramps, over that of the pri­vate sector.

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