US Senator: Digital IDs and CBDCs will strip Americans of financial freedom and privacy

Odaily Planet Daily reports that U.S. Senator Warren Davidson posted on the X platform stating that the GENIUS Act, centered around stablecoins, could deprive Americans of their financial freedom and privacy, and may have counterproductive effects. He warns that the U.S. is moving toward a licensed and tightly monitored financial system, and believes that recent cryptocurrency legislation has undermined 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 wholesale digital dollar central bank digital currencies (CBDC), which could be used for surveillance, coercion, and control. He stated that the rollout of digital ID systems will force Americans to obtain government permission when using their own funds, calling for a rejection of globalist surveillance states and a return to Bitcoin’s original promise as a permissionless peer-to-peer payment system. Another U.S. Senator, Marjorie Taylor Greene, expressed agreement with the above views and announced her opposition to the GENIUS Act, believing that the bill, while transferring power to banks, also opens a “backdoor” for CBDC. Although both representatives are more optimistic about the CLARITY Act’s potential to protect self-custody, Warren Davidson believes that under the implementation of the GENIUS Act, the CLARITY Act’s improvements to individual freedom are limited. (Cointelegraph)