Greene accuses the bill of embedding a hidden channel for CBDC
U.S. Congresswoman Marjorie Taylor Greene has once again made waves, publicly accusing the (GENIUS bill) of harboring a 'backdoor' for central bank digital currency (CBDC), which could enable the government to monitor financial flows, threatening people's financial freedom.
Greene stated that she supports cryptocurrency assets but will never accept any bill that allows the government to intervene in personal financial control. She emphasized that her main reason for voting against the bill in July was her belief that it could allow CBDC to be introduced without adequate oversight.
Green also criticized House Speaker Mike Johnson for not fulfilling his promise, failing to include the (Anti-CBDC Surveillance National Act) in the annual (National Defense Authorization Act NDAA). This bill aims to prevent the Federal Reserve from launching CBDCs or any similar products. However, since the relevant provisions were ultimately not included, she believes this move retains a 'systemic loophole', making the possibility of promoting CBDCs still present.
Experts point out that the 'vulnerability theory' lacks a legal basis, and the bill clearly states that stablecoins are not central bank currencies.
In response to Green's statement, financial regulatory lawyer Braden Perry clearly stated in an interview that the so-called 'CBDC backdoor' lacks legal basis. He pointed out that the (GENIUS Act) regulates the framework for the oversight of private stablecoins and does not involve the creation and issuance of central bank digital currencies. The bill text further clarifies that stablecoins 'are not securities, are not bank deposits, and are not central bank currencies.'
Perry explained that even if some stablecoins may have similar utility to 'digital dollars' in usage, they still belong to private market instruments and will not thereby become 'de facto CBDCs.' He believes that Greene's statement is more of an extension of political stance rather than a legal analysis.
Nevertheless, opposition to CBDCs continues to rise within the Republican Party, including Senator Ted Cruz, who has long warned that CBDCs may become tools for government surveillance, even drawing comparisons to China's style of digital control. This alertness makes any policy debate involving digital dollars particularly sensitive.
(GENIUS Act) political pressure is rising, and CBDC controversies may escalate the legislative process.
(GENIUS Act) is the core proposal for stablecoin regulation in the United States, aiming to clarify the reserve requirements and operational rules for stablecoin issuers, establishing a unified framework for the U.S. stablecoin market. However, conservative figures like Green believe that if the stablecoin system does not clearly distinguish itself from CBDCs, it could become a stepping stone for the government to strengthen financial control.
Currently, the House has passed the (Anti-CBDC Surveillance National Act), but the bill has not yet passed the Senate. Although the (GENIUS Act) has received support from over 200 Republican lawmakers, Greene is one of the 12 members who voted against it. She has even compared CBDCs to the 'mark of the beast' in (Revelation), highlighting the intensity of her stance.
With a new version of the draft ready to be released, the market and policy circles are highly concerned whether the CBDC issue will again affect the negotiations of the bill. In the face of opposition within the Republican Party, supporters emphasize that the focus of the (GENIUS Act) is not to promote CBDCs but to establish a clearer regulatory environment for crypto assets.
However, under the circumstances where there is still no clear policy direction on CBDCs and internal party opinions are divided, the advancement of this stablecoin bill is likely to face greater political resistance.
This content is generated by Crypto Agent summarizing information from various sources, reviewed and edited by (Crypto City). It is still in the training stage and may contain logical biases or information errors. The content is for reference only and should not be regarded as investment advice.
'U.S. lawmakers criticize the Stablecoin Genius Act! Claiming it hides a CBDC 'backdoor', experts rebut that there is no basis' This article was first published in 'Crypto City'.