Rep. Warren Davidson (R-Ohio) has made a plea to Congress advocating for a prohibition on Central Bank Digital Currencies and seeking criminal penalties for their creation.
What Happened: Davidson on Tuesday said, “CBDCs poses an existential threat to western civilization. Sound money serves as a stable store of value and an efficient means of exchange. CBDC consummates the corruption of money into a dystopian tool for coercion & control. Ban them.”
CBDCs are digital forms of a nation's legal currency, which are issued and regulated by the country’s central bank.
The Republican congressman has criticized certain members of his opposition for their stance on financial services, noting, “Several Democrats agree, but few are vocal in their opposition to CBDC. Unfortunately, Elizabeth Warren seems to dominate financial services policy for Democrats. She is working to ban crypto and implement CBDC.”
This is not the first time Davidson has raised a voice against CBDC.
Davidson in July said, “Congress must swiftly ban then criminalize any effort to design, build, develop, test or establish a CBDC.” He accuses the Federal Reserve of “building the financial equivalent of the Death Star."
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SEC Under Fire: Davidson has also taken a critical view of the Securities and Exchange Commission (SEC) under Gary Gensler’s leadership, identifying two issues. “Gary Gensler's tenure at the SEC highlights two key problems – a problem with Gensler himself and a structural problem within the SEC.”
To combat these concerns, Davidson has proposed legislation: “That’s why I introduced the SEC Stabilization Act to #FireGaryGensler and restructure the SEC."
Gensler was subjected to rigorous questioning during a session with the House Financial Services Committee, during which Republican lawmakers sought detailed explanations for the agency's policies on climate-related disclosures and the regulation of cryptocurrencies.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $42,526 down 0.52% in the last 24 hours, according to Benzinga Pro.
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