The U.S. "National Defense Authorization Act" did not include a CBDC ban, causing waves within the party

Recently, the U.S. House of Representatives successfully passed the annual "National Defense Authorization Act" (NDAA) with a vote of 312 in favor and 112 against, quickly sending it to the Senate for review. However, this bill has stirred considerable turmoil within the Republican Party due to a key detail—the previously promised ban on central bank digital currency (CBDC) was not successfully included, leading to strong dissatisfaction among conservative members of the party.

As early as July this year, House Republican leaders reached an important agreement with hardliners in the party, explicitly stating that the CBDC ban would be included in the annual "National Defense Authorization Act". The earlier version of the ban was quite strict, prohibiting the Federal Reserve from conducting any testing, research, development, or issuance activities related to digital currency, thus fundamentally limiting the Federal Reserve's exploration in the digital currency field; it also prohibited the Federal Reserve from providing financial products or services directly to individuals, aiming to maintain the traditional financial landscape and prevent unfair competition arising from the Federal Reserve's unique position.

Conservatives are extremely outraged that this ban was not included. They uphold a small government philosophy, fearing that the issuance of CBDC by the Federal Reserve would further expand government financial control, infringing on individual privacy and freedom. At the same time, they have close ties with traditional financial institutions and fear that CBDC could disrupt traditional business and impact the stability of the financial industry.

This incident reflects the divisions within the Republican Party regarding financial policy. Conservatives insist on strict limitations, while some factions may consider the global trend of digital currency development and the international financial position of the U.S., unwilling to completely block the Federal Reserve's exploration path. Moving forward, conservatives are unlikely to back down easily, and the negotiations surrounding this ban during the Senate review are expected to become even more intense, drawing increasing attention to the U.S. direction on CBDC policy.

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