The line between a central bank digital currency and a centrally-managed, government-regulated stablecoin is thin, critics argue.
United States congresswoman Marjorie Taylor Greene said that the GENIUS stablecoin bill creates a “backdoor” for the government to effectively create a central bank digital currency, veiled as privately issued crypto tokens.
The lawmaker said that regulated stablecoins feature “functional surveillance capabilities,” which make them indistinguishable from CBDCs. In a separate social media post, she added:
Rep. Greene’s comments echo a growing tide of individuals in the Bitcoin and crypto communities sounding the alarm on regulated stablecoins and the potential for these privately-issued tokens to become captured by the state.
