Centralized stablecoins feature all the hallmarks of a central bank digital currency, including the ability of the issuer to freeze tokens.
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.
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:
“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.
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