State Legislatures Slyly Paving the Way for Central Bank, Digital Currency (CBDC)s
Currently, legislatures in 23 states and the District of Columbia are contemplating bills that would usher central bank digital currencies (Central Bank, Digital Currency (CBDC)s) into their jurisdictions.
These legislative efforts have arisen due to the introduction of bills regarding the Uniform Commercial Code (UCC). The primary objective of these bills is to standardize state laws and regulations governing business transactions. In theory, the UCC would facilitate business dealings across state borders by harmonizing the various laws that regulate businesses. (Related: The impending economic collapse will be exploited to close banks and launch central bank digital currencies.)
The Uniform Law Commission, a Chicago-based non-profit organization committed to crafting laws that, if adopted by states, would synchronize regulations across state boundaries, initiated the UCC.
The ULC recently suggested that states revamp their UCC to incorporate a new article addressing digital assets, such as digital currencies.
At first glance, the amendments appear to address the differences between digital currencies and the traditional U.S. dollar, including regulations governing the control and transfer of digital currencies. However, these amendments also make it more challenging to complete transactions with digital currencies obtained from insecure creditors, effectively barring the use of any digital asset not supported by the Federal Reserve in transactions.
Attorney Thomas Renz, on an episode of his show, “Another Renz Rant,” highlighted that these amendments “are really nothing but a pretense for a central bank digital currency.”
Central Bank, Digital Currency (CBDC)s Sought in 13 GOP-Led States via UCC
Of the 23 states proposing bills that would implement the UCC within their jurisdictions, 13 are under Republican control, either through a government trifecta or a firm hold on state legislatures.
The 13 Republican-leaning states include Arizona, Arkansas, Indiana, Kentucky, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, Tennessee, Texas, and West Virginia.
“They’re trying to sneak it [UCC] in through these Republican states,” Renz observed. “It’s critical to them that they get Texas, Oklahoma, Missouri, Tennessee – these are deeply red states, where if the people know about this, there is zero chance [of it passing].”
Renz explained the process: “What they’re doing is, they’re getting the House leadership or the Senate leadership in any given state and say, ‘Hey, we need to update the UCC. Can you guys sponsor this bill?’ and some happy Republican says, ‘Sure, I’ll sponsor it’ and they put it up there and they have no idea what it is. And it just sails through, because why would you oppose some housekeeping updates that make the UCC more efficient?”
Additionally, ten Democrat-controlled states have introduced legislation to legalize the UCC. These states are California, Colorado, Hawaii, Maine, Massachusetts, Nevada, New Mexico, Rhode Island, and Washington. The District of Columbia is also amending its UCC.
In one instance, South Dakota successfully defeated efforts to alter the UCC. Governor Kristi Noem vetoed the amendment, rightfully asserting that its passage would enable “the federal government to control our currency and thus control people.”
Potential Consequences of Central Bank, Digital Currency (CBDC) Implementation
The implementation of Central Bank, Digital Currency (CBDC)s through covert legal amendments could have far-reaching consequences. The adoption of Central Bank, Digital Currency (CBDC)s would further centralize financial power in the hands of a select few, undermining the autonomy of individuals and businesses. The public must remain vigilant and informed about these underhanded legislative tactics to prevent the erosion of financial freedom and privacy.