Jerome Powell, chair of the Federal Reserve since 2018, assured US lawmakers during a Senate Banking Committee meeting on February 11, 2025, that the Federal Reserve would not issue a central bank digital currency (CBDC) while he remains in charge. His term is set to end in May 2026. Powell's statement was made in response to questions, particularly from Ohio Senator Bernie Moreno. This Senate hearing also addressed debanking policies, particularly regarding government actions that might limit services to crypto firms. Notably, Republican lawmakers are prioritizing the prevention of a digital dollar's issuance. President Donald Trump previously issued a ban on establishing and using a digital dollar, although the legality of this action is a matter of debate. Additionally, an anti-CBDC bill was introduced by Representative Tom Emmer, which aligns with the party's agenda to block the creation of a US dollar-pegged CBDC. The prospects for this legislation's passage in Congress remain uncertain.

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