SCR8 - Expressing opposition to the creation of a central bank digital currency.

      S.C.R. No. 8         SENATE CONCURRENT RESOLUTION   WHEREAS, The Federal Reserve is exploring the potential   benefits and risks of implementing a central bank digital currency,   but it has not given sufficient consideration to key issues   regarding privacy and cybersecurity; and          WHEREAS, A central bank digital currency (CBDC) is a digital   form of money that is a liability of the Federal Reserve, rather   than a liability of commercial banks; retail CBDCs are issued to the   general public, establishing a direct relationship between the   Federal Reserve and consumers; this could lead to unprecedented   levels of government surveillance and control over private cash   holdings and transactions; and          WHEREAS, A number of global leaders have expressed concern   about the threat of cyber risk to financial stability, and CBDC   vulnerabilities could be exploited to compromise a nation's   financial system; many CBDC proposals involve the centralized   collection of transaction data, which poses major privacy and   security risks, such as making it easier for intruders to access the   data of more users; however, proposals that include strategies to   minimize those risks often reduce transparency for regulators   seeking to detect money laundering, terrorism financing, and other   illicit activities; and          WHEREAS, The implementation of a CBDC would make countless   U.S. citizens more vulnerable to intrusive federal oversight and   security threats; now, therefore, be it          RESOLVED, That the 89th Legislature of the State of Texas   hereby express its opposition to the creation of a central bank   digital currency.         ______________________________ ______________________________      President of the Senate Speaker of the House              ______________________________ ______________________________      President of the Senate Speaker of the House                 I hereby certify that S.C.R. No. 8 was adopted by the Senate   on March 27, 2025, by the following vote:  Yeas 30, Nays 0.   ______________________________                                               Secretary of the Senate          I hereby certify that S.C.R. No. 8 was adopted by the House   on May 23, 2025, by the following vote:  Yeas 124, Nays 9,   one present not voting.   ______________________________                                               Chief Clerk of the House       Approved:     ______________________________                Date       ______________________________              Governor