Representative Warren Davidson, a supporter of cryptocurrency and bitcoin, has reflected on the current state of crypto regulation and the future of crypto assets, such as bitcoin, in America.

In a New Year’s message, Davidson stated that the current shift in the cryptocurrency ecosystem had its origin in the actions taken to disavow the disintermediation that digital assets, such as bitcoin, bring to the table.

Davidson considers that the GENIUS Act built the foundation for a central bank digital currency ( CBDC), assessing that the wholesale moniker for this initiative is just cosmetic. “On the back end all of the other characteristics of CBDC are being built while the massive deficits that undermine the value of the dollar continue unabated,” he stressed.

While the Senate is still discussing the CLARITY Act, a law that would address the deficiencies and voids left by the GENIUS Act, he is not optimistic about the outcome, expecting zero challenges to the current accounts-based regime.

Commenting on the real advantages of bitcoin in front of the government-proposed system, he declared:

The promise of Bitcoin was not an illiquid inflating asset, but rather a permission-less, peer-to-peer payment system. With Bitcoin, no third party could condition your access to your money, and you could move it anywhere at the speed of light.

Finally, Davidson called to reject this trend, stating that ot would take a miracle for Congress to turn. “But I believe miracles still happen,” he concluded.

Read more: US Congressman Warren Davidson: ‘Banning CBDC Is Essential to America’s Fintech Future’

• What are Warren Davidson’s thoughts on current crypto regulation in America?
  Davidson believes the current regulatory shift stems from attempts to disavow the disintermediation that cryptocurrencies, like Bitcoin, provide.

• What is the GENIUS Act, according to Davidson?
  He views the GENIUS Act as laying the groundwork for a central bank digital currency ( CBDC), criticizing it for cosmetic changes that ignore fundamental issues.

• What does Davidson think about the Senate’s progress on the CLARITY Act?
  He is not optimistic about the Senate’s discussions, expecting little challenge to the existing accounts-based regime left unresolved by the GENIUS Act.

• What advantages does Davidson see in Bitcoin over government systems?
  Davidson emphasizes Bitcoin’s permission-less, peer-to-peer payment nature, allowing users to access their funds freely and quickly without third-party restrictions.

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