GENIUS Compliance stablecoin = A skinned CBDC? Experts warn: Comprehensive surveillance destroys the spirit of Decentralization.

The U.S. "GENIUS" Act has been officially signed by Trump, marking the first time stablecoin regulations have been incorporated into federal law; however, opponents also question whether this has opened a "backdoor for CBDC" in heated debates. (Background: The U.S. "GENIUS" stablecoin law does not equal freedom; the regulatory iron net has just begun) (Supplementary background: Milestone! The U.S. passes three cryptocurrency bills: GENIUS stablecoin, Clarity regulations, anti-CBDC law sent to Trump for signing) Trump officially signed the "GENIUS" stablecoin bill this week, establishing the first complete regulatory framework for the U.S. stablecoin market. Although the bill will not officially take effect until November 2026, intense debates have already begun in financial and political circles: Does the passage of GENIUS strengthen the dollar in the crypto world? Or does it provide the government with a key to turn off private stablecoins at any time? Supporters: Clear rules bring the next wave of growth In Silicon Valley and Wall Street, some investors see the GENIUS Act as a critical turning point. Clear regulations mean that compliance costs can be estimated, and institutional funds will dare to enter the market in large numbers. Several banks and institutions have already begun planning to obtain licenses before 2026, aiming to secure a head start on the day the law takes effect. Supporters believe that as long as dollar-denominated stablecoins can circulate globally, U.S. financial influence can expand concurrently with Blockchain. Opponents: The CBDC backdoor is taking shape However, the skepticism is equally loud. Congresswoman Marjorie Taylor Greene stated that the GENIUS stablecoin bill effectively opens a "backdoor" for the government to create Central Bank Digital Currency (CBDC). She pointed out that regulated stablecoins have surveillance capabilities, making them difficult to distinguish from CBDCs. The Federal Reserve has been planning a Central Bank Digital Currency (CBDC) for years, which will open the door to a cashless society and digital currency, and a dictatorial government controlling your buying and selling capabilities could use these digital currencies against you. This week Congress passed crypto legislation. The American people hardly have any idea what it is, what it means, and what passed. 1. GENUIS ACT – I voted NO. It passed the Senate and the House and will be signed into law today. This bill regulates stablecoins and provides for… — Rep. Marjorie Taylor Greene (@RepMTG) July 18, 2025 Bitcoin advocate Justin Bechler also emphasized that stablecoins under the control of the bill are no different from CBDCs, just without the scary name. Curve Finance founder Dr. Michael Egorov further warned that when centralized stablecoins' supporting assets are stored in traditional banks, they may face risks of freezing or seizure, undermining the decentralized spirit of Blockchain. Freezing or retroactively reversing transactions, as well as the surveillance capabilities of centrally managed stablecoins, make them difficult to distinguish from CBDCs... Key provisions of the bill The "GENIUS Act" divides stablecoin issuers into two categories. Entities with a circulating supply exceeding $10 billion must be directly supervised by federal banking regulators; smaller entities can choose state-level regulation but must also obtain permission first. In addition, issuers must comply with strict KYC/AML regulations, sanctions list filtering, and complete transaction review capabilities. In other words, regardless of how fast the on-chain speed is, every dollar stablecoin's flow must remain within regulatory oversight. Related reports Perena cooperates with Brale to launch "U.S. regulated stablecoin USD'", which is now live on Solana Don't like stablecoins? JPMorgan: Europe and Singapore regulators prefer "tokenized deposits" – an analysis of the reasons behind it Is China in a hurry? The Service Trade Association will launch a "Stablecoin and Cross-Border E-Commerce Innovation Development" advanced training class in August <GENIUS compliant stablecoin = a disguised CBDC? Experts warn: comprehensive surveillance destroys the spirit of decentralization> This article was first published in BlockTempo, the most influential Blockchain news media.