US Lawmakers Warn GENIUS Act Is a "Trojan Horse" for Central Bank Digital Currency

According to a report by Jinse Finance, U.S. Congresswoman Marjorie Taylor Greene stated that the GENIUS Stablecoin Act creates a "backdoor" for the government to introduce a central bank digital currency (CBDC), merely disguised as a privately issued cryptocurrency token. The congresswoman pointed out that regulated stablecoins possess "functional surveillance capabilities," making them essentially no different from CBDCs. She added in another social media post: "This bill regulates stablecoins and provides a backdoor for central bank digital currencies. The Federal Reserve has been planning CBDCs for years, and this will open the door to a cashless society, bringing you into a digital currency system that can be weaponized by an authoritarian government, allowing them to control whether you can buy or sell." Congresswoman Greene's remarks echo the growing concerns within the Bitcoin and cryptocurrency community, where there is increasing wariness that regulated stablecoins could fall under state control and ultimately become tools for government oversight.