US Rep. Warren Davidson Claims Some XRP Holders “So Hyper-Defensive” of Ripple’s CBDC Work
US Congressman Warren Davidson who has been increasingly vocal against a central bank digital currency (CBDC) lately, said that some Ripple token (XRP) holders are “hyper-defensive” about Ripple’s recent CBDC moves.
In a Twitter (X) post on Aug. 15, Davidson noted that he was surprised by the responses from the XRP Twitter community regarding Ripple’s venture into CBDCs.
“I'll admit surprise that some Twitter-active #XRP holders are so hyper-defensive of Ripple's work on Central Bank Digital Currency (CBDC).”
Ripple, which introduced its new CBDC plans on May 18, leverages the XRP ledger allowing central banks, governments, and financial institutions to issue their own digital currency.
Using Ripple's platform, government institutions can manage and customize the entire life cycle of the CBDC including minting, distribution to commercial banks and individuals, redemption and token burning, Ripple noted in its initial CBDC release.
According to Davidson, CBDCs pose “an existential threat” by corrupting money into tool for coercion & control.
Alternatively, “sound money serves as a stable store of value and an efficient means of exchange,” he wrote in another Tweet.
Davidson made it clear that he is working on a legislation “to criminalize CBDC” and its developments. He further said he would not allow anyone to work on a CBDC, whether Satoshi, Consensys, or the Fed.
“To make the point crystal clear, I am working on legislation to criminalize designing, building, testing, developing, or establishing a Central Bank Digital Currency.”
Comparing CBDCs as the “financial equivalent of the Death Star,” he went on to say that these digital national currencies pose a serious threat to all digital assets and that “many people wrongly
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