US Representative Warren Davidson said the stablecoin-focused GENIUS Act may backfire on Americans by stripping them of their financial freedom and privacy. US Representative Warren Davidson warns the US is drifting toward a permissioned and heavily surveilled financial system, arguing that recent crypto legislation undermines the industry’s original promise of permissionless, private money. In a post on X on Wednesday, Davidson criticized the stablecoin-focused GENIUS Act, arguing it enables a wholesale version of a US dollar central bank digital currency (CBDC) that could be used for “surveillance, coercion, and control.” He also fears a digital ID system will be rolled out that forces Americans to get government permission to use their own money. Read more