A US congresswoman has expressed concerns that a new stablecoin bill, known as the GENIUS Act, could be used as a “backdoor” for the government to create a central bank digital currency. Marjorie Taylor Greene claimed that regulated stablecoins would feature “functional surveillance capabilities,” making them nearly indistinguishable from CBDCs.
Greene’s comments echo growing concerns in the Bitcoin and crypto communities about the potential risks of privately issued tokens being captured by the state. Bitcoin advocate Justin Bechler described the GENIUS Act as forcing stablecoins into CBDC compliance, highlighting the issue of government control over financial transactions.
The bill was amended in March to include stricter anti-money laundering provisions, which would necessitate financial surveillance and censorship of transactions. Experts warn that centralized stablecoins carry significant regulatory capture risks, including government seizure of underlying fiat assets held in bank accounts or custodial institutions.
As the US dollar increasingly becomes a digital currency, concerns about state control over financial transactions are growing. The GENIUS Act has sparked debate about the potential implications for a cashless society and the ability of authoritarian governments to regulate and manipulate digital currencies.
Source: https://cointelegraph.com/news/us-lawmaker-alarm-genius-bill-cbdc-trojan-horse