Congressman Warren Davidson warned the cryptocurrency industry has abandoned Bitcoin’s (BTC) original purpose as a permissionless payment system in favor of account-based systems that enable surveillance.

The Ohio Republican argued in a New Year message that regulatory momentum favors centralized frameworks over decentralization.

Davidson specifically criticized the recently enacted GENIUS Act for establishing what he called a “wholesale CBDC” framework.

The stablecoin legislation passed both chambers and became law on July 18, 2025.

What Happened

Davidson argued Bitcoin’s promise was “a permission-less, peer-to-peer payment system” as envisioned by creator Satoshi Nakamoto.

He contended current regulations create “account-based…