Senator Ted Cruz (R-Texas) on Tuesday evening introduced legislation aimed at blocking the U.S. Federal Reserve from creating a consumer-based central bank digital currency (CBDC).

"The federal government has no authority to unilaterally establish a central bank currency," said Cruz in a press release. "This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States."

The bill was cosponsored by Senators Mike Braun (R-Ind.) and Charles Grassley (R-Iowa).

(By Stephen Alpher)