US Representative Warren Davidson said the stablecoin-focused GENIUS Act may backfire on Americans by stripping them of their financial freedom and privacy.
US Representative Warren Davidson warns the US is drifting toward a permissioned and heavily surveilled financial system, arguing that recent crypto legislation undermines the industry’s original promise of permissionless, private money.
In a post on X on Wednesday, Davidson criticized the stablecoin-focused GENIUS Act, arguing that, by design, it enables a wholesale version of a US dollar central bank digital currency (CBDC) which could be used for “surveillance, coercion, and control.”
He also fears a digital ID system will be rolled out that forces Americans to get government permission to use their own money.
