” . Representative Marjorie Taylor Greene has expressed strong opposition to the GENIUS Act, asserting that it serves as a covert mechanism for introducing a central bank digital currency (CBDC). The GENIUS Act, which stands for Guiding and Establishing National Innovation for U.S. Stablecoins, is the first regulatory framework designed to govern stablecoins in the United States. This legislation allows private banks to issue stablecoins that are regulated by the government, a move that has sparked significant debate and concern among critics. Greene, who voted against the legislation that passed both chambers of Congress, warned that the stablecoin regulation bill opens the path to “a cashless society and into digital currency that can be weaponized against you by an authoritarian government.” She expressed distrust of government control over monetary systems and questioned whether Americans should trust authorities “to never do that to you.” Greene characterized the legislation as allowing government control over citizens’ ability to buy and sell through digital currency systems. Greene outlined her voting positions on three cryptocurrency bills considered by Congress. While opposing the GENIUS Act, she supported the Anti-CBDC Surveillance State Act, which prohibits Federal Reserve Banks from issuing Central Bank Digital Currencies. She noted that Senate leadership indicated insufficient votes to pass the CBDC prohibition. Greene also supported the Clarity Act for its self-custody protections, though she warned about potential Senate modifications. “I will vote NO when it comes back if self custody protections are taken out,” Greene declared. The congresswoman connected current digital currency developments to the 1971 decision to abandon the gold standard, which she called “ridiculous” and blamed for weakening the dollar. Greene warned about transitioning from physical cash that can be “held in your hand, hide from the government, and save for yourself and your family” to digital systems. Critics argue that the GENIUS Act could pave the way for increased government surveillance and control over financial transactions. By allowing the issuance of government-regulated stablecoins, the act is seen as a potential backdoor to implementing a CBDC, which could give the government unprecedented oversight into individuals’ financial activities. This concern is amplified by the fact that stablecoins are often used as a medium of exchange and store of value, making them a critical component of the digital economy. The GENIUS Act also includes provisions that enable pension funds to invest in cryptocurrencies and gold, further expanding the scope of digital assets within the financial landscape. This move is part of a broader effort to integrate digital currencies into the traditional financial system, potentially offering new investment opportunities and diversifying portfolios. However, the act’s critics remain wary of the potential implications for privacy and financial autonomy. The debate surrounding the GENIUS Act highlights the complex interplay between innovation and regulation in the digital currency space. While proponents argue that the act provides a much-needed framework for stablecoins, opponents caution against the potential for government overreach and the erosion of financial privacy. As the digital economy continues to evolve, the balance between fostering innovation and protecting individual rights will remain a critical issue for lawmakers and regulators alike. . ”
