Protecting Cash and Financial Privacy: Banning Programmable Surveillance Currency.
This Act guarantees the right to use physical cash in brick-and-mortar stores (up to $500) and strictly prohibits the implementation of programmable Central Bank Digital Currency (CBDC) that could restrict citizen spending. It also repeals the automatic reporting of personal transactions over $10,000, requiring a judicial warrant or specific evidence of criminal activity for financial surveillance. This aims to secure greater economic autonomy and protect against mass financial surveillance.
Key points
Mandatory Cash Acceptance: Physical stores must accept cash payments for transactions under $500, with limited security exceptions.
Ban on Surveillance Currency: The Central Bank is prohibited from issuing programmable digital money (CBDC) that could restrict lawful commerce or impose behavioral controls.
Enhanced Financial Privacy: Automatic reporting of personal transactions over $10,000 is abolished; banks require a warrant or specific facts of criminal activity to share data.
Protecting Digital Assets: The right to use and hold private digital wallets (self-custody) is protected from criminalization or special licensing requirements.
Status:
Initiative
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