Rep. Warren Davidson Again Comes Out Swinging Against Central Bank Digital Currency (CBDC)
Warren Davidson, a U.S. Congressman representing Ohio, expressed strong opposition to the US government’s plan of creating a central bank digital dollar, suggesting that such initiatives should be deemed “prohibited and criminalized.”Davidson’s objections became evident through a series of tweets from his official Twitter account, where he criticized the Federal Reserve Bank of San Francisco for seeking an engineer to develop a Central Bank Digital Currency (CBDC).
Regarding the Federal Reserve’s attempt to introduce the unpopular initiative, he likened the entity’s intentions to “building the financial equivalent of the Death Star”. Of course, this is in reference to the 1977 film Star Wars, where the Death Star serves as a central plot point and setting for the movie, and eventually destroyed in an assault by the Rebel Alliance in the climax of the film.
“The Central Bank Digital Currency (CBDC) corrupts money and turns it into a tool of coercion and control. Congress should act swiftly to ban and criminalize any attempts to design, build, develop, test, or establish a CBDC.”
In response to a user who questioned his statements, Davidson elaborated further on the characteristics he believes money should possess. This is not the first time Davidson has voiced his concerns about the government’s plans for a digital currency.
In March, he wrote a letter to regulatory authorities urging his colleagues to oppose the issuance of a CBDC, citing serious threats to the privacy and financial freedoms of American citizens.
Davidson is not alone in his opposition to an American CBDC. Ron DeSantis, the current Governor of Florida and a Republican Party candidate for the US presidency, also expressed criticism towards the initiative. He vowed to prevent the launch of a digital dollar backed by the Federal Reserve if elected to the presidency.
In addition to his stance on CBDCs, Davidson has been an active advocate for cryptocurrencies. He recently proposed a legislative measure to remove the President of the Securities and Exchange Commission, Gary Gensler, whom he believes has overstepped his authority by taking action against the digital currency ecosystem.
