US Congresswoman Marjorie Taylor Greene raised concerns that the GENIUS stablecoin bill serves as a covert means for the government to establish a central bank digital currency (CBDC), disguised as privately issued crypto tokens. Greene criticized the bill for incorporating surveillance capabilities that could lead to a cashless society, allowing authoritarian control over financial transactions. Other critics, including Bitcoin advocates, echoed her sentiments, asserting that regulated stablecoins become functionally similar to CBDCs while avoiding the negative connotations associated with them. The GENIUS bill mandates compliance with sanctions and know-your-customer requirements, enhancing governmental oversight over these assets. Experts warn that this regulatory framework can enable authorities to freeze or censor transactions, further blurring the lines between central bank-issued currencies and privately managed stablecoins. Advocates of decentralized finance express fears that if governments can control stablecoins, they gain significant power over financial flows.

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