"Calling CBDC a “wolf coming as a wolf,” DeSantis accused the federal government of trying to crowd out cryptocurrency because they can’t control it the way they could a CBDC. He argued that a federally sanctioned CBDC would diminish the role of community banks and credit unions in the U.S. financial system as CBDC currency would be a direct liability of the federal government, rather than of a chartered financial institution, which he said would shrink market lending power.

“They’re going to be able to have a window into what you’re doing with the money. They’re going to have the ability to control where that money is going,” DeSantis said. “This is something that will be a massive transfer of power from individual consumers to a central authority. That’s fundamentally antithetical to a free society.”

DeSantis said some states have begun adding CBDC to their Uniform Commercial Codes, but Florida is going in the opposite direction -- actually blocking the term from the code and saying the state won’t recognize it."

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