Meanwhile, opposition in the U.S. has reignited in recent days after the Securities and Exchange Commission sued the world’s two largest crypto exchanges over alleged securities law violations. Amid the crackdown, SEC Chairman Gary Gensler told CNBC last week, “We don’t need more digital currency,” because the dollar and other sovereign currencies already exist.

Sen. Bill Hagerty, a Tennessee Republican, seized on the comments, echoing a popular line among crypto executives that this year’s crackdown on crypto is intended to ease any future rollout of a digital dollar.

“The Biden Admin wants to kill market innovation to pave the way for a CBDC, which would give the federal gov. unprecedented insight into your life. I will fight to make sure this doesn’t happen,” Hagerty tweeted Wednesday.

The issue has seeped into U.S. political discourse to the extent that Florida Gov. Ron DeSantis, a Republican, reiterated his opposition to CBDCs at his presidential campaign launch event with Elon Musk on Twitter Spaces last month.

The issue is among those that have endeared DeSantis — who signed a bill last month restricting the use of CBDCs in Florida — to a group of libertarian Silicon Valley investors, led by former PayPal executive David Sacks, who are supportive of cryptocurrencies.