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US Representative Warren Davidson used his New Year’s message to reflect on the origins and intended purpose of bitcoin.
Davidson said bitcoin was designed as a permissionless, peer-to-peer payment system rather than an illiquid, inflating asset.
He linked current shifts in the crypto ecosystem to efforts that undermine the disintermediation offered by digital assets.
Davidson criticised the GENIUS Act, arguing it lays the groundwork for a central bank digital currency.
On the back end all of the other characteristics of CBDC are being built.
Warren Davidson said.
He said rising government deficits continue to erode the value of the US dollar.
Davidson expressed scepticism that the proposed CLARITY Act would meaningfully challenge the existing accounts-based financial system.
He contrasted bitcoin with government-backed systems, highlighting its censorship-resistant design.
The promise of Bitcoin was not an illiquid inflating asset, but rather a permission-less, peer-to-peer payment system.
Warren Davidson said.
Davidson said bitcoin allows users to move value freely without reliance on third parties.
He urged lawmakers to resist current regulatory trends despite low expectations for congressional change.
But I believe miracles still happen.
Warren Davidson said.
At the time of reporting, Bitcoin price was $88,773.18.