US Congressman: Digital Identity and CBDC Could Turn the United States into a "Surveillance State"
PANews reported on January 1, citing Cointelegraph, that U.S. Congressman Warren Davidson has warned that the United States is sliding toward a permissioned and tightly monitored financial system. He believes that recently passed cryptocurrency legislation undermines the industry's original promise of permissionless private money.
Warren Davidson posted on X criticizing the stablecoin-focused "GENIUS Act," arguing that the bill would give rise to a wholesale version of the U.S. dollar central bank digital currency (CBDC), which could be used for "surveillance, coercion, and control." He also expressed concern that a digital identity system might be introduced in the future, forcing Americans to obtain government permission to use their own money.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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