United States congresswoman Marjorie Taylor Greene warns that the GENIUS stablecoin bill could lead to a government-controlled central bank digital currency disguised as privately issued crypto tokens. She believes regulated stablecoins offer “functional surveillance capabilities,” making them similar to CBDCs. The bill was signed into law by President Donald Trump.

Bitcoin and crypto communities express concerns over the GENIUS Act, which they argue forces stablecoins to comply with CBDC regulations. Critics claim that stablecoins under government control can be used to monitor financial transactions, similar to a CBDC. The bill was amended to include stricter AML provisions and surveillance requirements.

Saifedean Ammous, author of “The Bitcoin Standard,” points out that the US dollar, in any form, essentially functions as a central bank digital currency already monitored by the government. Jean Rausis, co-founder of Smardex, states that governments realize controlling stablecoins gives them power over financial transactions, making them similar to a CBDC. Curve Finance founder Dr. Michael Egorov warns of regulatory capture and government seizure of assets backing stablecoins.

Read more at Cointelegraph: No Difference Between CBDCs and Regulated Stablecoins