PANews reported on July 20th that, according to Cointelegraph, US Congresswoman Marjorie Taylor Greene stated that the GENIUS Stablecoin Act 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 currencies. The Federal Reserve has been planning CBDCs for years, which will open the door to a cashless society and digital currencies that a despotic government might use against you to control your buying and selling capabilities."
Some critics argue that the boundaries between central bank digital currencies and centrally managed, government-regulated stablecoins are blurry. Bitcoin advocate Justin Bechler wrote in an X post: "The GENIUS Act forces stablecoins to comply with and control CBDCs; functionally the same as CBDCs but without the scary name." Saifedean Ammous, author of 'The Bitcoin Standard', believes that the US dollar is essentially a central bank digital currency in any form, already state-monitored and increasingly digitized. SmarDex decentralized trading platform co-founder Jean Rausis stated: "Governments realize that if they control stablecoins, they control financial transactions."
