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

Odaily Odaily reports that U.S. Senator Warren Davidson, in an article published on the X platform, stated that the GENIUS Act, centered on stablecoins, could deprive Americans of their financial freedom and privacy, and have a counterproductive effect. He warned that the U.S. is trending towards a licensed and heavily monitored financial system, and believes that recent cryptocurrency legislation undermines the industry's original promise of permissionless and private money. Davidson pointed out that the design of the GENIUS Act facilitates the realization of a wholesale version of the U.S. central bank digital currency (CBDC), which could be used for surveillance, coercion, and control. He stated that the introduction of a digital ID system would force Americans to obtain government permission when using their own funds, calling for a rejection of globalist surveillance states and a return to the original promise of Bitcoin as a permissionless peer-to-peer payment system. Another U.S. Senator, Marjorie Taylor Greene, agreed with these views and stated that she voted against the GENIUS Act, believing that the bill, while transferring power to banks, opens a "backdoor" for CBDCs. While both delegates were more positive about the CLARITY Act's potential to protect self-custody, Warren Davidson argued that the CLARITY Act's improvement on individual liberties would be limited given the GENIUS Act's enactment. (Cointelegraph)