The battle over digital money is one of the most important financial fights happening in Washington today — and chairman of the Commodity Futures Trading Commission Michael Selig is sounding the alarm.
“We saw the crackdown under the Biden administration, all the de-banking and the attacks really on the crypto industry, and Bitcoin’s continued to survive and thrive. And of course, it’s been volatile, but it’s held up as a decentralized currency,” Selig tells Blaze Media co-founder Glenn Beck.
“It’s something that is censorship-resistant, something that the government can’t confiscate,” he adds.
“Are we passing anything that’s saying that cryptocurrency can never become a central bank digital currency? Are you concerned about that at all?” Glenn asks.
“I’m very concerned about central bank digital currencies, and we in the Trump administration have been very clear that that’s not going to happen under our watch,” Selig answers, noting that the president even put out an executive order in January of last year that prohibits central bank digital currencies.
“We put out a report that I was part of on the president’s working group on digital assets that specifically states that it is a policy of this administration to prevent a central bank digital currency from coming to fruition,” he explains.
“But of course, the prior administration was pushing that, and we had to withdraw some of their actions on them,” he adds.
“Is there anybody in Congress — I mean, is there any way to get this passed before this president leaves office?” Glenn asks.
“Well, that’s our concern,” Selig says. “We want things to be future-proof. We need to make sure that a central bank digital currency is never possible, and legislation is the most important and future-proof thing in Washington.”
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