Congressman Warren Davidson reflected on the origins of Bitcoin and its true purpose. As part of his New Year’s message, Davidson said Bitcoin’s promise is not an “illiquid inflationary asset” but a “permissionless peer-to-peer payment system” as envisioned by Satoshi Nakamoto.
Congressman Warren Davidson’s New Year’s message puts Bitcoin in perspective
Representative Warren Davidson, a supporter of virtual currencies and Bitcoin, reflected on the current state of virtual currency regulation in the United States and the future of crypto assets such as Bitcoin.
In his New Year’s message, Davidson said the current changes in the crypto ecosystem stem from actions taken to disintermediate digital assets such as Bitcoin.
Davidson believes the GENIUS Act laid the foundation for central bank digital currencies (CBDCs), and assesses that the large-scale moniker given to the initiative is merely cosmetic. “At the back end, all the other features of a CBDC are being built, while the huge deficits that undermine the value of the dollar continue unabated,” he stressed.
Although the Senate is still debating the CLARITY Act, legislation that would fill in the gaps and holes left by the GENIUS Act, he is not optimistic about the outcome, predicting zero objections to the current account-based system.
Regarding Bitcoin’s real advantages in the face of the government’s proposed system, he declared:
The promise of Bitcoin was not an illiquid inflationary asset, but rather a permissionless peer-to-peer payment system. With Bitcoin, no third party can condition access to your money and you can move it anywhere at the speed of light.
In closing, Davidson called for a rejection of this trend, saying it would take a miracle for Congress to reverse course. “But I believe miracles still happen,” he concluded.
read more: US Congressman Warren Davidson: “Ban on CBDCs is essential to the future of US fintech”
FAQ
What does Warren Davidson think about the current cryptocurrency regulations in the US?
Davidson believes that current regulatory changes stem from attempts to: deny disintermediation What cryptocurrencies like Bitcoin offer.What is the GENIUS Act, according to Davidson?
He said that the GENIUS law Central Bank Digital Currency (CBDC)criticizing it as a superficial change that ignores the fundamental problem.Mr. Davidson, what does he think about the Senate’s progress on the CLARITY Act?
He is not optimistic about the Senate debate and expects: Few challenges to existing account-based structures It is left unresolved by the GENIUS Act.What advantages does Davidson think Bitcoin has over government systems?
Davidson emphasizes Bitcoin Permissionless peer-to-peer payments This allows users to freely and quickly access their funds without third-party restrictions.
