US Lawmaker Warns GENIUS Act Could Pave Way for CBDC Surveillance

Representative Marjorie Taylor Greene has sharply criticized the proposed GENIUS Act, labeling it a Trojan horse for central bank digital currency (CBDC) implementation. Despite its framing as a stablecoin regulatory framework, the bill allegedly contains control features characteristic of state-run digital currencies. "This bill regulates stablecoins and provides for the backdoor Centralized Bank Digital Currency," Greene stated on social media platform X.

The crypto industry has rallied behind Greene's warnings, with prominent figures like economist Saifedean Ammous noting that the US dollar already functions as a government-monitored digital token. Jean Rausis of Smardex highlighted the surveillance risks, noting centralized systems enable asset freezes and payment reversals. The debate underscores growing tensions between regulatory oversight and crypto's decentralized ethos.