Saturday, 05 July 2025

Senate Passes Legislation Enabling CBDC Backdoor?

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The Senate passed landmark cryptocurrency legislation establishing the first federal regulatory framework for fiat-backed stablecoins.

In a 68-30 vote, the upper chamber passed the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act.

“The GENIUS Act will cement U.S. dollar dominance, protect customers, drive demand for U.S. Treasuries, & ensure that digital asset innovation happens in the U.S., not overseas. With this bill, we are one step closer to becoming the global leader in crypto. Let’s get this done,” Sen. Bill Hagerty (R-TN) said.

WATCH:

From POLITICO:

Stablecoin legislation has been a longtime lobbying goal for crypto firms, which have poured hundreds of millions of dollars into influence efforts in recent years. Industry representatives hope the stamp of legitimacy provided by a stablecoin regulatory framework will help make crypto mainstream and turbocharge adoption.

Sen. Cynthia Lummis (R-Wyo.), a key crypto industry ally, said on the floor Tuesday that the legislation “will be a first step toward modernizing the American payment system and integrating digital assets into the U.S. economy in a responsible way.”

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The stablecoin legislation is one of two major crypto bills that industry supporters hope to have signed into law this year. The second — a broader measure that would divvy up regulation of digital assets between market regulators — is a bigger priority for most crypto firms, but may be difficult to advance in the Senate due to its complexity.

The stablecoin bill the Senate passed Tuesday faces an uncertain future in the House. Republicans in the lower chamber are weighing how much to change the Senate legislation and whether to package it with a market structure bill.

Critics of the GENIUS Act say the legislation enables a backdoor creation of central bank digital currencies (CBDCs).

Full text:

Y’all believe what the US *checks notes* CRYPTO CZAR says about the Genius Act?

I wouldn’t if I were you. It adds surveillance to the consumer, and fuels debt, war, and endless spending.

Frankly, it is even worse than if Harris/Biden pushed a direct CBDC as they would struggle to get adoption. Congress is capturing stablecoins that already have $27 trillion in annual transaction volume and turning them into CBDCs.

Full text:

Unpopular Opinion:
Stablecoins have replaced the word CBDC.

Governments aren’t talking about CBDCs anymore.

Why? They realized stablecoins give them everything they wanted.

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✅ Speed
✅ Control
✅ Adoption
✅ Transparency

The US 🇺🇸 is currently pushing the GENIUS Act to regulate stablecoins.

CBDCs were the theory.
Stablecoins became the execution.

The digital dollar isn’t coming, It’s already here.

Per Cointelegraph:

The recent GENIUS stablecoin bill in the US is merely a thinly veiled attempt to usher in central bank digital currency (CBDC) controls through privatized means, according to Jean Rausis, co-founder of the Smardex decentralized trading platform.

In a statement shared with Cointelegraph, Rausis said that the US government will punish stablecoin issuers that do not comply with the new regulatory framework, similar to the European Union Markets in Crypto-Assets (MiCA) regulations. The executive added:

“The government realizes that if they control stablecoins, they control financial transactions. Working with centralized stablecoin issuers means they can freeze funds anytime they want — essentially what a CBDC would allow. So, why bother creating a CBDC?”

“With stablecoins under the government’s control, the result is the same, with the false veneer of decentralization added as a bonus,” the executive continued.

Decentralized alternatives to centralized stablecoins, such as algorithmic stablecoins and synthetic dollars, will prove to be a valuable bulwark against this creeping government control over crypto, Rausis concluded.

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