US Lawmaker Warns GENIUS Bill Could Enable CBDC by Stealth
US Congresswoman Marjorie Taylor Greene has raised alarms about the GENIUS stablecoin bill, arguing it may serve as a backdoor for introducing a central bank digital currency (CBDC). Greene contends that regulated stablecoins already possess surveillance features comparable to CBDCs. She warns this could lead to a cashless society where governments potentially weaponize financial control.
Crypto Community Shares Concerns About Government Overreach
The Bitcoin community has echoed these concerns. Justin Bechler, a Bitcoin advocate, notes the bill effectively transforms stablecoins into CBDC equivalents. Saifedean Ammous, author of “The Bitcoin Standard,” observes the US dollar already functions as a state-monitored digital currency.
Recent Amendments Intensify Surveillance Capabilities
March amendments to the GENIUS bill introduced stricter financial oversight measures. Jean Rausis of Smardex explains these changes give governments unprecedented transaction control. The updates mandate enhanced anti-money laundering protocols and transaction monitoring.
Experts Warn of Regulatory Risks
Dr. Michael Egorov of Curve Finance cautioned about potential government seizure of stablecoin reserves. His October 2024 remarks highlight growing tensions between crypto innovation and regulatory control.
