U.S. Congressman Warren Davidson warns that the United States is sliding towards a licensed and tightly monitored financial system. He believes that the recently passed cryptocurrency legislation undermines the industry's original promise of permissionless private money. Warren Davidson posted on the X forum criticizing the stablecoin-focused GENIUS Act, stating that the bill will give rise to a wholesale version of the U.S. dollar central bank digital currency (CBDC), which could be used for "surveillance, coercion, and control." He also expressed concern that a digital identity system might be introduced in the future, forcing Americans to obtain government permission to use their own money.