US Lawmakers Question Bitcoin’s Legitimacy Amid CBDC Debate and Regulatory Concerns

Key Points

1. US Democratic representatives, including Stephen Lynch and Maxine Waters, support CBDCs and criticize opposition bills like the Anti-Surveillance State Act, highlighting risks such as fraud and money laundering.

2. Federal Reserve Chair Jerome Powell and former President Donald Trump have shown reluctance or opposition to a US CBDC, reflecting cautious and divided views.

3. Countries like India and Australia are actively exploring CBDCs, with India's Reserve Bank expanding its digital currency pilot and Australia conducting wholesale CBDC experiments.

4. The Bank of England has reservations about CBDCs, fearing destabilization of traditional banking, and is instead exploring alternative digital currency approaches.

5. US lawmakers emphasize balancing innovation with financial security, while global regulatory strategies for CBDCs and cryptocurrencies remain inconsistent.