U.S. Senator: Digital ID and CBDC Could Deprive Americans of Financial Freedom and Privacy

Odaily News: U.S. Senator Warren Davidson posted on the X platform, stating that the GENIUS Act, centered around stablecoins, could deprive Americans of financial freedom and privacy, and may backfire. He warned that the U.S. is moving toward a chartered and heavily monitored financial system, and believes that recent cryptocurrency legislation undermines the industry's original promise of permissionless and private money. Warren Davidson pointed out that the design of the GENIUS Act facilitates the implementation of a wholesale version of a U.S. Central Bank Digital Currency (CBDC), which could be used for surveillance, coercion, and control. He stated that the rollout of a digital ID system would force Americans to obtain government permission to use their own funds, calling for a rejection of the globalist surveillance state and a return to the pursuit of Bitcoin's original promise as a permissionless peer-to-peer payment system. Another U.S. Senator, Marjorie Taylor Greene, agreed with the above view, stating that she voted against the GENIUS Act, believing the bill opens a "backdoor" for CBDCs while transferring power to banks. Although both representatives hold a more positive view of the CLARITY Act's potential to protect self-custody, Warren Davidson believes that the CLARITY Act's ability to improve individual freedom is limited if the GENIUS Act takes effect. (Cointelegraph)