Senate Concurrent Resolution No. 8 expresses the Texas Legislature's opposition to the creation of a central bank digital currency (CBDC) by the Federal Reserve. The resolution highlights concerns regarding privacy and cybersecurity, noting that a CBDC would establish a direct relationship between the Federal Reserve and consumers, potentially leading to increased government surveillance and control over personal financial transactions. It emphasizes the risks associated with centralized transaction data collection, which could expose citizens to security threats and compromise financial stability.

The resolution also points out that while some proposals aim to mitigate these risks, they may inadvertently reduce transparency for regulators tasked with detecting illicit activities such as money laundering and terrorism financing. Ultimately, the Texas Legislature calls for caution in the exploration of CBDCs, citing the potential vulnerabilities and intrusive oversight that could affect countless citizens. The resolution was adopted by both the Senate and the House with overwhelming support.