Warren Davidson has accused the US Federal Reserve (Fed) of creating the financial equivalent of the Death Star, a fictional battle space station from Star Wars capable of destroying entire planets.
According to the congressman, government cryptocurrencies have the potential to turn money into a tool of coercion and control. Therefore, Congress should immediately ban the digital dollar, as well as criminalize any action to design, create, develop, test and implement CBDC, the politician said.
Davidson’s comments came in response to the San Francisco Fed unit’s publication of a search for a senior cryptocurrency engineer to work on the digital dollar project. Davidson said money should be a stable means of saving, it should not be programmed by the central bank.
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“In a sound financial system, peer-to-peer transactions should be encouraged, they don’t need someone else’s permission,” Davidson explained.
The regulator is actively exploring the potential of the digital dollar, but has yet to make a final decision on its launch. Right now, the digital dollar is one of the key topics of discussion ahead of the upcoming presidential election, which is generating a lot of controversy among lawmakers.
In April, a congressman began working on a bill aimed at eliminating the SEC chairman position, accusing Gary Gensler of destructive actions against the crypto industry. Earlier, the congressman questioned whether there was consensus on regulating stablecoins.