The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec

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Coin Telegraph 12h ago

The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec - Coin Telegraph

Quick Summary:

The recent GENIUS stablecoin bill 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.

EmmerRevamped GENIUS bill to include stricter provisionsThe Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, introduced by Tennessee Senator Bill Hagerty on Feb.4, proposed a comprehensive framework for overcollateralized stablecoins such as Tether’s USDt (USDT) and Circle’s USDC (USDC).

Source: Peter RyanCentralized stablecoin issuers rely on US bank deposits and short-term cash equivalents such as US Treasury bills to back their digital fiat tokens, which drives up demand for the US dollar and US debt instruments.