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A senior US lawmaker has warned that recent cryptocurrency legislation could erode financial privacy and individual freedom across the country.
Representative Warren Davidson said the United States is moving toward a permissioned and heavily monitored financial system.
Davidson criticised the stablecoin focused GENIUS Act in a public post on social media.
He argued the legislation effectively enables a wholesale central bank digital currency tied to the US dollar.
Davidson said such a system could allow surveillance, coercion and state control over personal finances.
He also warned that a national digital identity system could be introduced alongside new financial rules.
Davidson said Americans may one day need government approval to use their own money.
Do not be deceived.
Warren Davidson said.
We need to reject this globalist surveillance state and return to first principles.
Warren Davidson said.
He said Bitcoin was originally designed as a permissionless peer to peer payment system.
Davidson stressed that privacy and self custody were core values of the crypto movement.
The Ohio lawmaker has represented his district in Congress since 2016.
He has repeatedly opposed expanded government oversight of digital assets.
Davidson has introduced bills seeking to criminalise central bank digital currencies.
He has also proposed legislation targeting regulators he views as hostile to crypto.
Representative Marjorie Taylor Greene echoed Davidson’s concerns about the GENIUS Act.
Greene said she voted against the bill due to its impact on self custody.
The real danger lies in Digital ID, CBDC, and no self custody.
Marjorie Taylor Greene said.
Both lawmakers expressed cautious support for the CLARITY Act.
Davidson said CLARITY may offer limited protection if GENIUS remains law.
At the time of reporting, Bitcoin price was $87,724.85.