US lawmaker says CBDCs are tools for coercion and control

US Congressman Warren Davidson has described central bank digital currencies (CBDCs) as a tool of enforcement and control.

In a May 2 Twitter thread, Davidson warned people that CBDC is the antithesis of sound currency and to beware of protocols that work with central banks to build digital currencies.

Bitcoin is healthy money

member of parliament It pointed out Bitcoin (BTC) helps solve the transaction limits imposed by traditional financial institutions.

According to Davidson, Bitcoin’s permissionless and peer-to-peer capabilities are essential ingredients of sound money. He added that sound money is “essential to defending freedom.”

A pro-crypto lawmaker commented on a tweet by AJ Osborne, CEO of real estate private equity firm Cedar Creek Capital.In his tweet, Osborne highlight The challenges he faced while trying to execute basic transactions with traditional financial institutions.

Lawmakers Criticize White House’s Inconsistent Approach to Crypto Regulation

In a May 1 letter, two US lawmakers, Warren Davidson and Mike Flood, criticized the handling of digital asset regulations by the White House Committee of Economic Advisers (CEA).

Fox Business journalist Eleanor Tellett first share Twitter letter.

Lawmakers say the Biden administration is pushing innovation in digital assets abroad while Congress is working on a regulatory regime that will allow the industry to thrive.

They added that if the U.S. government’s approach to the industry does not change, entrepreneurs will be forced to establish operations abroad, “capital and economic growth away from the United States.”

Lawmakers specifically said the latest economic report “represents a significant shift in tone.” According to them, previous reports have emphasized the importance of the U.S. staying at the forefront of the development of the cryptocurrency industry.

However, a recent report claims that “digital assets do not deliver any of the promised returns.” The lawmaker said the statement was “clearly untrue,” adding:

“Digital assets and the technologies that power them have demonstrated their value and potential future value through numerous use cases.”

crypto slate The report warned the U.S. Congress against enacting legislation that would deepen the relationship between the crypto industry and the broader financial system.

In addition, pro-crypto lawmakers questioned the council’s rationale for how the FedNow instant payment system and CBDC would provide a more comprehensive financial system than blockchain technology. Did.

US lawmakers say CBDC is a tool for coercion and control. First appeared in CryptoSlate.

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