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News

Congressman Warren Davidson Urges Ban on CBDCs

July 24, 2023 - Around 2 mins mins to read

Key Points:

  • US Representative Warren Davidson urges Congress to ban and criminalize CBDCs, arguing that programmable money would corrupt its value and give too much power to central banks.
  • The possibility of a digital US dollar has stirred controversy and is expected to be a key talking point in the upcoming presidential election.
  • Other politicians, including Ron DeSantis and Tom Emmer, have expressed concern over a Fed-controlled digital dollar, with Emmer warning that a programmable CBDC would be “easily weaponized” as a spying tool to “choke out politically unpopular activity.”
United States Republican Representative Warren Davidson has spoken out against Central Bank Digital Currencies (CBDCs), urging Congress to ban them and criminalize its development.
Congressman Warren Davidson Urges Ban on CBDCs

Davidson argues that money should remain a stable store of value, and not be programmable by a central authority. He believes that CBDCs would corrupt money into a tool for coercion and control, thereby giving the central bank too much power over the financial system.

Davidson’s comments came after San Francisco’s Federal Reserve Bank advertised for a “senior crypto architect” to work on a CBDC project. The possibility of a digital version of the U.S. dollar has stirred controversy in the country and is expected to be a key talking point in the upcoming presidential election.

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Other politicians have also expressed concern over a potential Fed-controlled digital dollar. U.S. presidential candidate and Florida Governor Ron DeSantis has vowed to “nix any central bank digital currency” if he became president. He signed a bill in May restricting the use of CBDCs in the state. Meanwhile, Republican Tom Emmer has warned against state-controlled digital money, saying that a programmable CBDC would be “easily weaponized” as a spying tool to “choke out politically unpopular activity.”

In response to the growing debate around CBDCs, Davidson introduced the CBDC Anti-Surveillance State Act in February, which aims to halt efforts to strip Americans of their right to financial privacy. The bill was endorsed by Texas Senator Ted Cruz, who introduced his own CBDC blocking bill in March.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

CBDCs

Congressman

Warren Davidson

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Congressman Warren Davidson Urges Ban on CBDCs

Key Points:

  • US Representative Warren Davidson urges Congress to ban and criminalize CBDCs, arguing that programmable money would corrupt its value and give too much power to central banks.
  • The possibility of a digital US dollar has stirred controversy and is expected to be a key talking point in the upcoming presidential election.
  • Other politicians, including Ron DeSantis and Tom Emmer, have expressed concern over a Fed-controlled digital dollar, with Emmer warning that a programmable CBDC would be “easily weaponized” as a spying tool to “choke out politically unpopular activity.”
United States Republican Representative Warren Davidson has spoken out against Central Bank Digital Currencies (CBDCs), urging Congress to ban them and criminalize its development.
Congressman Warren Davidson Urges Ban on CBDCs

Davidson argues that money should remain a stable store of value, and not be programmable by a central authority. He believes that CBDCs would corrupt money into a tool for coercion and control, thereby giving the central bank too much power over the financial system.

Davidson’s comments came after San Francisco’s Federal Reserve Bank advertised for a “senior crypto architect” to work on a CBDC project. The possibility of a digital version of the U.S. dollar has stirred controversy in the country and is expected to be a key talking point in the upcoming presidential election.

image 1642

Other politicians have also expressed concern over a potential Fed-controlled digital dollar. U.S. presidential candidate and Florida Governor Ron DeSantis has vowed to “nix any central bank digital currency” if he became president. He signed a bill in May restricting the use of CBDCs in the state. Meanwhile, Republican Tom Emmer has warned against state-controlled digital money, saying that a programmable CBDC would be “easily weaponized” as a spying tool to “choke out politically unpopular activity.”

In response to the growing debate around CBDCs, Davidson introduced the CBDC Anti-Surveillance State Act in February, which aims to halt efforts to strip Americans of their right to financial privacy. The bill was endorsed by Texas Senator Ted Cruz, who introduced his own CBDC blocking bill in March.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.