PANews July 20 news, according to Cointelegraph, U.S. Congresswoman Marjorie Taylor Greene stated that the GENIUS stablecoin bill opens a 'backdoor' for the government to create a central bank digital currency (under the guise of privately issued crypto tokens). 'This bill regulates stablecoins and provides a backdoor for central bank digital currency. The Federal Reserve has been planning a CBDC for years, which will open the door to a cashless society and digital currencies for you, and a totalitarian government that controls your buying and selling capabilities may use these digital currencies against you.'
Critics argue that the line between central bank digital currencies and centrally managed, government-regulated stablecoins is very blurred. Bitcoin advocate Justin Bechler wrote in an X post: '(GENIUS bill) forces stablecoins to comply with and be controlled by CBDCs; functionally the same as CBDCs but without the scary name.' Saifedean Ammous, author of The Bitcoin Standard, believes that in whatever form it appears, the dollar is essentially a central bank digital currency, already under national surveillance and increasingly digitized. Jean Rausis, co-founder of the Smardex decentralized trading platform, stated: 'Governments realize that if they control stablecoins, they control financial transactions.'
