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Rep. Warren Davidson warned this week that the United States is moving toward a financial system that would be licensed, permissioned and heavily monitored — a change he says would undercut the original promise of permissionless, private money.
He used social posts to flag the concern and urged colleagues to rethink how new rules for stablecoins and digital IDs are written.
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Lawmakers Flag The GENIUS Act
The debate centers on the GENIUS Act, a federal bill that creates a framework for payment stablecoins and related services. Based on reports, the GENIUS Act (S.1582) established rules that would let certain nonbank firms issue payment stablecoins under federal supervision.
The bill’s text and
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