3 chapters across the catalog
Aaron Day explains the "Genius Act," which he describes as a backdoor for a Central Bank Digital Currency (CBDC). The act forces stablecoin issuers like Tether to back their tokens with US Treasuries, effectively putting private digital money under the control of the Federal Reserve. This allows the government to maintain financial surveillance while funding more debt.
The Genius Act, Central Bank Digital Currency Backdoor
Marjorie Taylor Greene warns about the "Genius Act," a bill she claims sets up a federal framework for a Central Bank Digital Currency (CBDC). She argues the bill lacks a prohibition on CBDCs and fails to protect self-custody of digital assets, unlike a previous executive order from Donald Trump. Greene criticizes House leadership for pairing the act with a defense appropriations bill to force its passage without amendments.
Genius Act, Central Bank Digital Currency Backdoor Concerns
The Genius Act, currently moving through the House, is criticized for failing to ban a Central Bank Digital Currency (CBDC) and potentially creating a backdoor for its implementation. Marjorie Taylor Greene noted that while the bill regulates stablecoins, it lacks the self-custody protections and CBDC prohibitions found in Trump's previous executive orders. She warned that the bill is being rushed through without the opportunity for critical amendments.
