Senators Scott and Hagerty Confirm GENIUS Act Blocks Federal Reserve From Issuing CBDC Amid Crypto Week Votes

Senators Tim Scott and Bill Hagerty have publicly affirmed that the GENIUS Act does not expand the Federal Reserve's authority to issue a Central Bank Digital Currency (CBDC). Both senators emphasized that the legislation aims to prevent the creation of a CBDC, reflecting concerns that Americans do not want such a currency. Senator Scott criticized the Federal Reserve for engaging in political activities under the Biden administration and urged the Fed to focus on its core mission instead of what he described as far-left political priorities. Senator Hagerty highlighted the GENIUS Act as a measure to protect U.S. innovation and prevent regulatory overreach similar to the previous "Operation Choke Point." These statements come ahead of important cryptocurrency-related votes in the U.S. House during an event referred to as 'Crypto Week.'