Congressman Warren Davidson calls to ban and criminalize CBDCs

United States Republican Representative Warren Davidson has spoken retired against cardinal slope integer currencies, urging Congress to prohibition them and criminalize their development.

In a July 23 Twitter post, Congressman Davidson accused the Federal Reserve of “building the fiscal equivalent of the Death Star," stating that CBDCs corrupts wealth into a instrumentality for coercion and control, adding: 

“Congress indispensable swiftly prohibition past criminalize immoderate effort to design, build, develop, trial oregon found a CBDC.”

Davidson’s comments came successful effect to a position advertised by San Francisco’s Federal Reserve Bank for a “senior crypto architect” to enactment connected a CBDC project.

— Warren Davidson (@WarrenDavidson) July 23, 2023

Responding to a remark from a Twitter user, Davidson argued that wealth should beryllium a unchangeable store of value, and should not beryllium programmable by a cardinal authority.

“Sound wealth should facilitate permission-less peer-to-peer transactions,” helium added.

The Federal Reserve has been actively researching the exertion for a imaginable integer dollar but has not made immoderate decisions connected whether to contented one. The anticipation of a integer mentation of the U.S. dollar has stirred contention successful the state and is expected to beryllium a cardinal talking constituent successful the upcoming statesmanlike election.

Congressman Davidson is besides not unsocial successful his interest implicit a imaginable Fed-controlled integer dollar.

On July 14, U.S. statesmanlike campaigner and Florida Governor Ron DeSantis said helium would “nix immoderate cardinal slope integer currency” if helium became president. In May, DeSantis signed a bill restricting the usage of CBDCs successful the state.

Related: IMF’s CBDC propulsion gets feedback from the crypto assemblage — ‘No 1 wants this’

Republican Tom Emmer has besides been vocal successful his warnings implicit state-controlled integer money. In March, libertarian deliberation vessel the Cato Institute said a programmable CBDC would beryllium “easily weaponized” arsenic a spying instrumentality to “choke retired politically unpopular activity.”

Emmer introduced the CBDC Anti-Surveillance State Act successful February to “halt efforts of unelected bureaucrats successful Washington, DC from stripping Americans of their close to fiscal privacy.” The measure was endorsed by Texas Senator Ted Cruz, who introduced his ain CBDC blocking measure successful March.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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