"Digital ID, CBDC pose surveillance state risk"…U.S. Representative criticizes GENIUS bill
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- Republican Rep. Warren Davidson criticized the recently passed GENIUS bill, saying it could undermine financial freedom and privacy.
- He said the bill could serve as a basis for introducing a CBDC and that there is a risk a digital ID system could make it difficult to use funds without government permission.
- Rep. Marjorie Taylor Greene also pointed out that the GENIUS bill poses risks related to expanded banking power, the absence of self-custody, and the introduction of a CBDC.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
As debates over stablecoin regulation continue in the U.S. Congress, Republican U.S. Representative Warren Davidson recently warned that the newly passed GENIUS bill could undermine financial freedom and privacy.
On the 31st (local time), Representative Davidson, via X, directly criticized the stablecoin-centered GENIUS bill, saying, "The United States is moving toward a permissioned financial system and an excessively surveilled structure." He argued the bill could effectively enable the introduction of a U.S. dollar–based central bank digital currency (CBDC).
Davidson said, "The bill contains a wholesale CBDC structure that could be abused as a means of surveillance, coercion, and control," and "there is a risk it could lead to a digital ID system in which Americans would need government permission to use their own money."
He particularly emphasized, "The essence of Bitcoin is not a low-liquidity inflation-hedge asset, but a peer-to-peer payment method that can be used without permission," adding, "We must reject the trend toward a global surveillance state and return to the principles of finance."
Since taking office as a U.S. Representative from Ohio in 2016, Davidson has promoted self-custody and privacy protection as core values. He has introduced legislation to criminalize CBDCs and to limit regulatory authority over virtual assets, and previously pushed a bill to remove Gary Gensler, former chair of the U.S. Securities and Exchange Commission (SEC).
Republican Rep. Marjorie Taylor Greene also said she voted against the GENIUS bill. She said, "The GENIUS bill gives banks excessive power and opens a backdoor to CBDC," and added, "The real dangers are digital ID, CBDC, and the absence of self-custody."
Meanwhile, Davidson expressed a relatively positive view of the CLARITY bill, a digital asset market-structure bill awaiting Senate discussion. He said, "The CLARITY bill can address some shortcomings, such as protecting self-custody," while assessing that "with the GENIUS bill already enacted, the effect of restoring freedoms may be limited."
