US lawmaker blasts GENIUS Act: Calls it gateway to government-controlled money
Representative Marjorie Taylor Greene has condemned the GENIUS Act as a backdoor mechanism for implementing a central bank digital currency.
She also voted against the legislation that passed both chambers of Congress.
The Georgia congresswoman 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.”
Greene expressed distrust of government control over monetary systems and questioned whether Americans should trust authorities “to never do that to you.”
She characterized the legislation as allowing government control over citizens’ ability to buy and sell through digital currency systems.
Three crypto bills create mixed regulatory outcomes
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.
“This bill prohibits Federal Reserve Banks from issuing a Central Bank Digital Currency. It’s a good bill and protects your money, but will die in the Senate,” Greene stated. 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 question Trump administration priorities
Former State Representative Tim Cahill agreed with Greene’s concerns. He mentioned that such policies would be implemented under President Trump despite previous opposition rhetoric.
Cahill cited E-ZPass toll systems as an example of how the adoption of cashless payments leads to increased surveillance and fees.
“He’s more concerned with making any deal possible then actually making the right deal,” Cahill wrote [sic].
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