by RAY LEWIS | The National News DeskFri, July 18th 2025 at 1:24 PM
Rep. Marjorie Taylor Greene speaks to a reporter before a February House of Representatives Republican caucus meeting at the Capitol. (Photo by Andrew Harnik/Getty Images)
WASHINGTON (TNND) — Rep. Marjorie Taylor Greene, R-Ga., explained Friday why she voted against a bill that would regulate some cryptocurrencies.
She wrote in a post on social media platform X that the bill, called the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act, regulates stablecoins and “provides for the backdoor Centralized Bank Digital Currency.” A central bank digital currency (CBDC) is a digital form of central bank money.
"The Federal Reserve has been planning a CBDC for years and this will 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,” Rep. Greene claimed. “Do you actually trust your government to never do that to you? I don’t.”
The Federal Reserve says in a webpage of frequently asked questions about CBDCs that it would only proceed with issuing one if an authorizing law was enacted. The Fed issued a paper in 2022 on potential benefits and risks of a CBDC but notes in the webpage the essay is “not intended to advance any specific policy outcome."
The National News Desk asked Rep. Greene in an email Friday at 12:40 p.m. to explain how the GENIUS Act “provides for the backdoor” CBDC but did not receive a response by publication. President Donald Trump is scheduled to sign the bill, which passed the Senate and House of Representatives this week, into law at 2:30 p.m.
“Big signing at 2:30 in the White House. Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time,” Trump wrote in a Truth Social post. “All the Democrats do is complain and criticize, AND GET NOTHING DONE. They are a ‘Party of the Past!’”
Eighteen Democrats in the Senate and 102 in the House voted for the bill. New Jersey Democratic Sen. Cory Booker, who voted for the act, said in a statement Thursday it offers “robust guidelines” for consumers in the country.
“It offers an important starting point for protecting financial security and our broader economy, closing loopholes on foreign-issued stablecoins that pose risks to national security, strengthening federal oversight over stablecoin issuers, and expanding consumer protections in the event of a stablecoin collapse," the senator explained.
Other Democrats, like Rep. Maxine Waters, D-Calif., claimed the bill presents conflict-of-interest risks and lacks critical provisions.
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