US Representative Tom Emmer called for stronger pro-stablecoin laws during a House Financial Services Committee hearing on 11 March, while criticising central bank digital currencies (CBDCs) as a threat to American values. Emmer, who reintroduced the CBDC Anti-Surveillance State Act on 6 March, warned that CBDC technology could undermine American freedoms and privacy. The proposed bill seeks to block the creation of a US CBDC without Congress's explicit approval, addressing concerns over financial surveillance.

Emmer argued that CBDCs could disrupt American financial independence, citing the risks of government control over citizens' transactions. He also highlighted the privacy concerns surrounding digital currencies issued by central banks, stating that stablecoins offer a better alternative by promoting financial privacy and innovation without compromising personal freedoms.

At the same hearing, Paxos CEO Charles Cascarilla called for consistent stablecoin regulations across global jurisdictions to prevent regulatory loopholes. Cascarilla stressed the importance of clear, reciprocal rules that would level the playing field for stablecoin issuers in the US and globally, fostering a competitive market that benefits both consumers and investors.

Amidst growing support for pro-crypto policies, Emmer reiterated that the US must prioritise pro-stablecoin legislation while rejecting CBDCs to safeguard privacy and financial autonomy. The stance aligns with broader concerns raised by the growing influence of cryptocurrency companies in US politics, which could pose challenges to regulatory stability.

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