Congressman Warren Davidson Reflects on Bitcoin s True Purpose

In his New Year s message, Congressman Warren Davidson emphasized the original vision for Bitcoin as a permission-less, peer-to-peer payment system rather than an illiquid inflating asset. He noted that this vision was articulated by Bitcoin s creator, Satoshi Nakamoto.
Davidson, a proponent of cryptocurrency, discussed the current state of crypto regulation in the U.S. and the future of assets like Bitcoin. He pointed out that recent shifts in the cryptocurrency ecosystem stem from efforts to undermine the disintermediation that digital assets offer.
He criticized the GENIUS Act for laying the groundwork for a central bank digital currency CBDC , arguing that its superficial changes do not address underlying issues.
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.
Regarding the CLARITY Act, which aims to address gaps left by the GENIUS Act, Davidson expressed skepticism about its prospects in the Senate, anticipating little challenge to the current accounts-based regime.
He highlighted Bitcoin s advantages over government systems, stating:
The promise of Bitcoin was not an illiquid inflating asset, but rather a permission-less, peer-to-peer payment system.
He emphasized that with Bitcoin, users can access their funds without third-party restrictions and transfer them instantly.
Davidson concluded by urging a rejection of the current trend towards CBDCs, acknowledging the slim chances for Congress to change course but expressing hope that
miracles still happen.