Research Fellow at the Cato Institute's Center for Monetary and Financial Alternatives and Fellow at the Human Rights Foundation. Covering CBDCs, financial privacy, and cryptocurrency. Opinions are my own.
FinCEN is unable to justify the $59 billion surveillance regime that required banks and other financial institutions to report their customers to the government more than 27.5 million times last year.
It would be funny if it were not so sad that the Venezuelan people have to put up with this nonsense.
President Trump officially put his foot down on debanking, issuing an executive order addressing accounts that were allegedly closed for religious or political reasons.
Government officials have openly and repeatedly said their interest in CBDCs stems from a desire to eliminate cash and tighten control.
Only CBDCs give the government direct access and control over your financial activity by default.
These early experiments provide a cautionary tale for other governments weighing whether to launch a CBDC.
According to FinCEN’s report, more than 27.5 million reports were filed in 2024. That’s roughly 75 thousand reports a day.
If lawmakers are serious about fostering innovation, protecting civil liberties, and keeping the United States competitive in the global digital economy, these are two prime areas for reform.
Bank of England governor Andrew Bailey revealed that, even after more than five years of CBDC development, he has yet to be convinced that CBDCs are needed.
The Fed never should have taken over these payments services. It’s time to end the Fed’s involvement and return these functions to the private sector.
