United States Congresswoman Marjori Taylor Green said that the Genius Stabecrim Bill forms a “backdoor” for the government to create a central bank digital currency, which veils as a privately issued crypto token.
MP Said It facilitates regulated stablecoins “functional monitoring capabilities”, which make them uninterrupted from CBDCs. In a separate social media post, he couple,
“This bill controls stablecoins and provides the backdoor bank for digital currency. The Federal Reserve has been planning a CBDC for years, and it will open the door to take you to a cashless society and to take it in a digital currency, which can be armed against you by an Electricityist Government to control your ability to buy and sell.”
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Bitcoin and Crypto community see equal concerns
Bitcoin Advocate Justin Bekler said, “The Genius Act stabechin in CBDC compliance and control; functionally similar to a CBDC, without scary name,” wrote In July 19X Post.
Saifedian Ammus, author of “The Bitcoin Standard”, Argued That the US dollar, in any form, is essentially a central bank digital currency that is already monitored by the state and is rapidly digital.
Jean Rouses, co-founder of the Smardax decentralized trading platform, said, “Governments realize that if they control stabeloin, they control the financial transactions,” said the co-founder of Smardax decentralized trading platforms, gene raouses.
https://www.youtube.com/watch?v=vcahoiyow5k
The executive said that the ability to freeze or rollback transactions and centrally managed stabelines make them unlikely from CBDC.
The Genius bill was revised in March, which included strict-laundering provisions, compliance with restrictions, and incorporating the needs to incorporate, to include financial monitoring requirement and the ability to censor the transaction.
In October 2024, the founder of Curve Finance, Dr. Michael Egorov told coinalgraphs that centralized stabelcoins pose a risk of regulatory capture, including seizing the government of the underlying FIAT assets or digital tokens supported in bank accounts.
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