Rep. Greene Warns of Government Control through GENIUS Act: 'Gateway to Cashless Society'

Representative Marjorie Taylor Greene has criticized the GENIUS Act, calling it a backdoor mechanism for implementing a central bank digital currency. She opposes the legislation, which passed both chambers of Congress, and warns that it opens the door to a cashless society and government-controlled digital currency. Greene also supports the Anti-CBDC Surveillance State Act and the Clarity Act, but expresses distrust of government control over monetary systems.

Rep. Marjorie Taylor Greene, R-Ga., has expressed significant concerns about the recently passed GENIUS Act, which regulates some cryptocurrencies. She argues that the bill is a backdoor mechanism for implementing a central bank digital currency (CBDC), potentially leading to a cashless society and government-controlled digital currency [1].

Greene, in a social media post, stated that the Federal Reserve has been planning a CBDC for years, and this act would "open the door to move you to a cashless society and into digital currency that can be weaponized against you by an authoritarian government controlling your ability to buy and sell" [1]. She expressed distrust in the government's intentions and fears that such a system could be used to control citizens' financial activities.

The GENIUS Act, which passed both the Senate and the House of Representatives, aims to provide robust guidelines for stablecoins and enhance federal oversight over their issuers [2]. However, Greene's concerns echo broader debates within the cryptocurrency community about the potential implications of CBDCs and stablecoin regulation.

Greene has previously supported the Anti-CBDC Surveillance State Act and the Clarity Act, which focus on limiting government control over monetary systems and ensuring transparency and consumer protection in the digital currency space [3].

The Federal Reserve has maintained that it would only proceed with issuing a CBDC if an authorizing law was enacted and that its 2022 paper on CBDCs is not intended to advance any specific policy outcome [1].

The GENIUS Act is viewed as a turning point for stablecoin adoption, promoting institutional involvement and regulatory clarity, according to Mastercard's Global Policy Head, Jesse McWaters [2]. However, the bill's passage has sparked ongoing debates and concerns about its potential impacts on privacy and financial freedom.

References:
[1] https://myfox28columbus.com/news/nation-world/marjorie-taylor-greene-explains-vote-against-genius-act
[2] https://economictimes.indiatimes.com/crypto-news-today-live-20-jul-2025/liveblog/122789895.cms
[3] https://www.baltimoresun.com/2025/07/18/georgia-rep-greene-explains-why-she-voted-against-genius-act/