US Lawmaker sounds alarm on GENIUS bill, says it's a CBDC Trojan Horse

Key Points

1. Marjorie Taylor Greene claims the GENIUS bill's capabilities make it indistinguishable from a CBDC, allowing government control over financial transactions.

2. Critics argue that the bill represents a government-regulated stablecoin, which could lead to increased state monitoring of digital currency.

3. The GENIUS bill was amended in March to include stricter AML provisions, sanctions compliance, and KYC requirements.

4. Bitcoin advocates like Justin Bechler and Saifedean Ammous criticize the bill, comparing it to a CBDC under a different name.

5. Concerns include potential government seizure of fiat assets backing stablecoins and increased regulatory oversight of digital transactions.