Lummis Pushes Back on Central Bank Digital Currencies, Advocates for Americans’ Privacy

March 8, 2024

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 and questioned Jerome Powell, Chair of the Federal Reserve, about this 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. “I remain convinced that there are other crypto assets that strike the balance of giving Americans secure and instant payments without unnecessary government interference. 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.” 

Watch her full remarks here.