US Representative: Digital Identity and CBDC Could Turn the US into a "Surveillance Nation"

PANews reported on January 1st that, according to Cointelegraph, U.S. Representative Warren Davidson warned that the United States is sliding towards a permissioned and heavily regulated financial system. He believes that recently passed cryptocurrency legislation undermines the industry's initial promise of permissionless, private currencies.

Warren Davidson criticized the Genius Act, which focuses on stablecoins, in a post on the X forum. He argued that the act would lead to a wholesale version of a central bank digital currency (CBDC) that could be used for "surveillance, coercion, and control." He also worried that a digital identity system might be introduced in the future, forcing Americans to obtain government permission to use their own currency.