CAPR Legislative Update
March 20, 2023
Emergency Bill of Concern!!!
SB 5077 Will open the door to a Central Bank Digital Currency! Other states have rejected this bill, and so should Washington. Make your legislature understand this will harm freedom and individual autonomy!
SB 5077 has passed the Senate and will now be heard in the House tomorrow!
March 21 Scheduled for public hearing in the House Committee on Civil Rights & Judiciary at 10:30 AM (Subject to change).
Here is the link for providing various types of testimony:
This bill has come to my attention because a number of people are firmly opposed to it and have contacted CAPR. CAPR will be CON and oppose the bill, I don’t believe a bill of this import should be taken lightly or passed without strict scrutiny. I do not think that level of scrutiny has been undertaken. Lets stop this bill and cause legislators and the public to take a sober look at this bill.
We need people with expertise on banking and banking systems (the Uniform Commercial Code) to look at the changes in law this bill would usher in regarding the use of digital currency as managed by federal law, but as established in state law. The bill seems to have to do with creating a federal central bank “CDBC” which means a central bank digital currency.
SB 5077 would change state law as related to digital currency in various transactions.
This is a link to the bill page: https://app.leg.wa.gov/billsummary?BillNumber=5077&Year=2023&Initiative=false
This is a link to the substitute senate bill text: https://lawfilesext.leg.wa.gov/biennium/2023-24/Pdf/Bills/Senate%20Bills/5077-S.pdf?q=20230320162147
This is a link to the bill substitute senate bill report: https://lawfilesext.leg.wa.gov/biennium/2023-24/Pdf/Bill%20Reports/Senate/5077-S%20SBR%20APS%2023.pdf?q=20230320170606
What is interesting is the changes in law which may be seen by reading the text of the bill paying attention portions that are stricken and underlined portions that are added. The bill is 134 pages but to get the notion of the bill rather than reading all the pages of the bill, it should be looked at specifically in terms of changed language.
To me, in reading the bill I find the language confusing and do not have the expertise to point out the specific problems, yet I have a very good gut instinct that tells me the bill is very sketchy and will lead to control of all assets. The bill language does not seem to recognize the right of ownership but rather is focused on who may claim ownership or allow transactions. Does the bill attempt to create a monopoly on digital currency, that monopoly being the Fed? It appears to do just that.
I have seen in my brief research that Governor Noem has vetoed the bill in South Dakota, that Governor DeSantis is opposing like legislation in Florida and is moving to forbid such a bill in Florida. While Oklahoma has a bill that would prohibit requiring transactions to be electronic or digital. https://schiffgold.com/key-gold-news/oklahoma-bill-would-help-minimize-the-impact-of-central-bank-digital-currency/
We will double down on our yearly efforts to hold legislators accountable to our members by recording legislator's votes, watching their amendments, rating proposed legislation, and rating legislators according to their votes. You can refer to the CAPR website for evaluation of bills, the CAPR bill rating page, and you can count on emails to keep you constantly updated on bill status and progress in committee and on the chamber floors!
CAPR members and their expertise are relied upon in the evaluation of many matters, such as land use, taxation, energy and water policy, agricultural policy, and property ownership and use. Please continue to engage me in offering the gift and assistance of your understanding. Together we can work to uphold liberty and defeat policies that harm all in Washington state.
Please continue your efforts to promote liberty in the lives of CAPR members and your families and friends by telling your legislators how you want them to vote! We have a great team, but always appreciate member comment and participation in the legislative process!
You can donate online or by mail using this page on the CAPR website
We look forward to and are grateful for our communication with you, thank you for your many ways and efforts of supporting the work of CAPR!
Please support CAPR in our work to inform and encourage our membership and friends!
Cindy Alia, CAPR