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U.S. congressmen have warned about the GENIUS bill, calling it a "Trojan horse" for central bank digital currency

Internet reports that U.S. Congressman Marjorie Taylor Greene said that the GENIUS stablecoin Act provides a "back door" for the government to create central bank digital currencies (CBDC), disguised as privately issued cryptocurrency tokens. The lawmaker pointed out that regulated stablecoins have "functional monitoring capabilities", making them not fundamentally different from CBDC. She added in another social media post: "This bill regulates stablecoins and provides a back door for central bank digital currencies. The Federal Reserve has been planning CBDC for years, and this will open the door to a cashless society and bring you into a digital currency system that can be weaponized by totalitarian governments who can control whether you can buy and sell things." Senator Green's remarks coincided with growing concerns in the Bitcoin and cryptocurrency community that regulated stablecoins could be controlled by the state and eventually become a tool of government control.

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