Maine Sen. Eric Brakey (R-Androscoggin) has scored a victory in his fight against the implementation of legislation that would pave the way for a Central Bank Digital Currency (CBDC) with his an amendment to bill that has so far skated under the radar.
“Nothing in this act may be construed to support, endorse, create or implement a Central Bank Digital Currency,” says Sen. Brakey’s amendment to LD 91.
Although the UCC is a typically non-controversial set of rules meant to streamline commerce among the states, the most recent amendments have drawn criticism from conservatives, libertarians, and bitcoin advocates.
The original version of the bill would have redefined “money” to exclude Bitcoin and other cryptocurrencies. It also contained language that critics feared would later allow for the adoption of a CBDC.
A CBDC would give the government the ability to see every transaction, to restrict any purchase, and to instantly freeze the bank accounts of anyone it chooses.
Brakey has consistently opposed LD 91, because of the dire consequences for American freedom if a CBDC is instituted.
Rather than attempting to defeat the bill entirely, Brakey worked with Democrats to remove the concerning elements.
At a work session on Feb. 7, Maine’s Judiciary Committee discussed the amendment to the bill, which added language obviating the CBDC-related provisions of the UCC amendments.
The Brakey amendment also deleted any references to electronic money from the bill, thus removing its attack on bitcoin.
At the work session, Rep. Moriarty supported the amendment to his own bill, motioning that the bill ought to pass as amended.
Following a short discussion of the language used in the bill, all present committee members voted “ought to pass” with the Brakey amendments.
Brakey’s amendment represents a win for bitcoin, with its independence from any governmental power, and a loss for supporters of a CBDC, which would grant the government unprecedented control over the everyday lives of Americans.
If LD 91 ultimately passes as amended, Maine will join New Hampshire, Nevada, Colorado, Indiana, and Alabama, which have adopted some of the UCC’s amendments without supporting a CBDC or opposing bitcoin.