Digital ID, CBDCs risk turning US into ‘surveillance state': US Rep

U.S. Representative Warren Davidson has expressed concerns that the stablecoin-focused GENIUS Act may infringe upon Americans' financial freedom and privacy. He warns that the introduction of digital IDs and Central Bank Digital Currencies (CBDCs) could lead the nation towards a surveillance state, where economic activities and personal information are closely monitored by the government. This perspective highlights the growing apprehensions associated with technological advancements threatening individual privacy and freedom. The potential tracing of transactions via CBDCs raises concerns about limitations on citizens' liberties. Such worries might ripple through the financial markets, causing investors to closely monitor future regulatory developments. With increasing volatility in the financial markets, any decline in trust toward digital currencies could impact related assets significantly.