Test Drive Our New Site! We have some improvements in the works that we're excited for you to experience. Click here to try our new, faster, mobile friendly beta site. We will be maintaining our current version of the site thru the end of 2024, so you can switch back as our improvements continue.
Legislation Quick Search
07/19/2024 03:26 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20230&cosponId=40832
Share:
Home / Senate Co-Sponsorship Memoranda

Senate Co-Sponsorship Memoranda

Subscribe to PaLegis Notifications
NEW!

Subscribe to receive notifications of new Co-Sponsorship Memos circulated

By Member | By Date | Keyword Search


Senate of Pennsylvania
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: May 24, 2023 12:43 PM
From: Senator Doug Mastriano and Sen. Scott E. Hutchinson
To: All Senate members
Subject: Protecting Pennsylvanians from a Federally Controlled Central Bank Digital Currency
 
Soon, we plan to introduce legislation prohibiting the use of a federally adopted Central Bank Digital Currency (CBDC) as money within Pennsylvania’s Uniform Commercial Code (Title 13).

In March 2022, President Biden issued an Executive Order directing government agencies to produce a detailed plan to study the potential creation of a CBDC in the United States. In March 2023, the Department of Treasury stated that a consortium of government agencies will meet regularly in the coming months to discuss whether to officially adopt a CBDC controlled by the US Government.

A CBDC directly controlled and issued by the government would give government bureaucrats the ability to see all consumer activity and the power to cut off access to goods and services for consumers.

A federal government that has the ability to track every citizen’s transaction, control the kinds of things people can buy, and the amount that could be purchased at a single time is a terrible Orwellian nightmare.

Our legislation will protect PA’s consumers and businesses from the reckless adoption of a ‘centralized digital dollar’ which would stifle innovation and promote government-sanctioned surveillance. Pennsylvania must reject policies that threaten personal economic freedom and security.

The prohibition on the use of CBDC as money will not apply to decentralized digital currencies such as Bitcoin and Ethereum.

Our bill will mirror legislation that was recently signed into law in Florida.

Please join us a co-sponsor.
 



Introduced as SB797