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