US Lawmaker sounds alarm on GENIUS bill, says it’s a CBDC Trojan Horse
US Lawmaker Raises Concerns Over Stablecoin Bill, Citing CBDC Risks
A United States Congresswoman has voiced concerns about a proposed stablecoin bill, suggesting it could pave the way for a Central Bank Digital Currency (CBDC) disguised as regulated crypto tokens.
The GENIUS Bill: A Trojan Horse for CBDCs?
US Representative Marjorie Taylor Greene has publicly stated that the proposed “GENIUS” stablecoin bill could inadvertently create a “backdoor” for the government to introduce a CBDC. Her concern stems from the potential for regulated stablecoins to possess inherent surveillance capabilities, blurring the lines between them and government-controlled digital currencies.
Surveillance Concerns Highlighted
The Congresswoman argues that regulated stablecoins may feature “functional surveillance capabilities,” which makes them essentially indistinguishable from CBDCs. This raises significant privacy and control concerns, resonating with a growing segment of the Bitcoin and crypto community wary of government overreach into the digital currency space.
Community Concerns Echoed
Rep. Greene’s concerns mirror sentiments within the wider cryptocurrency community, particularly regarding the potential for state capture of privately-issued tokens. The debate centers on the delicate balance between regulation and the fundamental principles of decentralization and financial autonomy cherished by many in the crypto world.
- US Lawmaker expresses concerns over stablecoin bill.
- The bill might create a backdoor for CBDC introduction.
- Concerns about surveillance capabilities of regulated stablecoins are raised.
- The distinction between regulated stablecoins and CBDCs is becoming increasingly blurred.
- Government oversight and potential surveillance of digital currencies remain a key concern for crypto enthusiasts.
- The future of cryptocurrency regulation in the US is under intense scrutiny, with potential global implications.
- The balance between innovation and regulatory control is crucial in the evolving digital currency landscape.