Opposition to the GENIUS Act
Republican Representative Marjorie Taylor Greene from Georgia has voiced strong opposition to the recently introduced GENIUS Act, which aims to establish a regulatory structure for stablecoins in the United States. Greene’s main concern is that the legislation allegedly features a loophole that could allow for the introduction of central bank digital currencies (CBDCs). On social media, she expressed her support for cryptocurrency while emphasizing her rejection of any measures that would enable the government to control individuals’ financial autonomy.
Understanding CBDCs
CBDCs are essentially digital versions of fiat currencies that are issued and managed by a nation’s central bank. Various countries, including those in the European Union, are experimenting with them, but in the U.S., they have sparked significant debate. Critics, particularly within the Republican Party, argue that CBDCs could facilitate increased government oversight and tracking of financial transactions.
Greene’s Criticism and Legislative Context
Greene explained her stance and her vote against the GENIUS Act during a July session by stating that it provided a backdoor for CBDCs. She has also directed criticism towards House Speaker Mike Johnson, accusing him of failing to fulfill a commitment to conservatives regarding the inclusion of the Anti-CBDC Surveillance State Act in this year’s National Defense Authorization Act (NDAA). She characterized Johnson’s actions as a broken promise, leaving the perceived loophole open within the legislation.
The Anti-CBDC Surveillance State Act was approved by the House of Representatives in July 2025 but has not yet passed in the Senate. This proposed law aims to prohibit the Federal Reserve from developing a CBDC or any similar entity that could potentially infringe upon financial privacy and individual control over money. The NDAA, which Greene referred to, is critical legislation that authorizes the budget and policies for the Department of Defense annually.
Greene’s Position Among Republicans
Did you know that Greene was among only 12 Republicans who opposed the GENIUS Act, which garnered overwhelming support from over 200 lawmakers? She has consistently drawn attention to her concerns regarding CBDCs, even likening them to the “Mark of the Beast” from the Christian Bible. Interestingly, Greene has made significant investments, including $60,000 in BlackRock’s IBIT Bitcoin ETF earlier this year, as per public financial disclosures that members of Congress are required to file.
Expert Opinions
Legal expert Braden Perry commented on Greene’s assertion of a CBDC loophole, stating that her claims lack a solid legal foundation and are more of a political stance rather than a legal insight. He clarified that the GENIUS Act distinguishes stablecoins from government-issued money, emphasizing that the Act clearly defines stablecoins as not being securities, bank deposits, or central bank funds. While some critics fear that regulated stablecoins might function similarly to a CBDC, Perry stated that this does not constitute a genuine backdoor approach to establishing a CBDC.
Broader Republican Skepticism
Greene is part of a broader group of Republican lawmakers expressing skepticism about CBDCs. For instance, in 2022, Senator Ted Cruz from Texas raised alarms about the potential for CBDCs to act as tools for financial surveillance reminiscent of practices seen under the Chinese Communist Party. This ongoing discourse surrounding CBDCs highlights the continuous tension between emerging financial technologies and the implications for personal privacy and government authority.
