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US congresswoman Marjorie Taylor Greene mentioned that the GENIUS stablecoin legislation establishes a \u201cbackdoor\u201d for the authorities to effectively produce a central bank digital currency, disguised as privately issued crypto tokens.<\/p>\n
The legislator stated<\/a> that regulated stablecoins possess \u201coperational surveillance functions,\u201d which render them indistinguishable from CBDCs<\/a>. In a different social media update, she remarked<\/a>:\u00a0<\/p>\n “This bill governs stablecoins and facilitates the backdoor central bank digital currency. The Federal Reserve has been planning a CBDC for years, and this will pave the way for a transition to a cashless society and force you into digital currency that can be weaponized against you by an oppressive government controlling your purchasing ability.\u201d<\/p><\/blockquote>\n Rep. Greene\u2019s remarks reflect a growing apprehension among individuals within the Bitcoin and crypto community regarding regulated stablecoins and the risk of these privately-issued tokens becoming subjugated by the state<\/a>.<\/p>\n Related: <\/strong><\/em>GENIUS Act heading to Trump\u2019s desk: Here\u2019s what will change<\/strong><\/em><\/a><\/p>\n \u201cThe Genius Act compels stablecoins into CBDC compliance and control; functionally equivalent to a CBDC, but without the alarming label,\u201d Bitcoin supporter Justin Bechler commented<\/a> in a July 19 X post.<\/p>\n Saifedean Ammous, author of \u201cThe Bitcoin Standard,\u201d contended<\/a> that the US dollar, in any variation, essentially represents a central bank digital currency that is currently supervised by the state and becoming more digital.<\/p>\n \u201cGovernments comprehend that if they take control of stablecoins, they hold power over financial transactions,\u201d Jean Rausis, co-founder of the Smardex decentralized trading platform, stated.<\/p>\nThe Bitcoin and crypto communities express similar worries<\/h2>\n