On Wednesday, Marjorie Taylor Greene (MTG), a Republican member of the United States House of Representatives, shared an article about the Federal Reserve’s Fednow project and criticized the central bank’s digital currency efforts. The representative from Georgia insisted that the United States should return to the “gold standard” and said she was taking a “firm pass” on digital currency payment systems.
MTG slams US central bank’s Fednow digital currency program
Rep. Marjorie Taylor Greene (R-GA) is known for her controversial statements and isn’t shy about speaking her mind. The American politician and businesswoman has represented Georgia’s 14th congressional district since 2020. On April 5, she critical the US central bank’s Fednow project, stating that the US should return to the gold standard rather than relying on digital currency payment systems. “Hard pass,” added the congressman. Like other Republican politicians, Greene, or MTG, does not appear to support a central bank digital currency (CBDC).
Texas Senator Ted Cruz and Florida Governor Ron DeSantis introduced legislation against CBDCs. MTG’s position on permissionless cryptocurrencies such as bitcoin (BTC) and Ethereum (ETH) is “unclear”, according to Coinbase report on the representative of Georgia. The Coinbase report, which covers congressional leaders’ views on crypto assets, says there is “not enough data to determine” Greene’s official position. However, the report mentions that MTG spoke out on Twitter against Canadian Prime Minister Justin Trudeau’s actions against a truck convoy.
“As Trudeau has become a full dictator in Canada and steals Canadians’ crypto wallets, Democrats and big banks are lining up to take their share of #crypto and #blockchain,” tweeted Greene. “Joe ‘the big guy’ Biden always gets his share. Protect the rights of crypto owners,” she added. The Georgian politician also appeared on the “America First with Sebastian Gorka” podcast in an episode titled “Your Bitcoin is in Danger”. During a press briefing in November 2022, MTG discussed the alleged theory that crypto funds sent to Ukraine were transferred to Sam Bankman-Fried’s FTX.
Many people think that a CBDC would be a disastrous idea for the United States. Economist Richard Werner recently called the launch of Fednow in July “suspicious”. Former Texas Republican Congressman Ron Paul also criticized the Fednow payment system three years ago, encouraging crypto competition instead. He said, “I’m all for cryptocurrencies and blockchain technology because I like competing currencies.” Sen. Elizabeth Warren (D-MA), who has called herself an “anti-crypto,” recently denounced competing currencies like bitcoin and called for the United States to move toward a CBDC.
What do you think of Marjorie Taylor Greene’s critique of the Fednow project and her call to return to the gold standard? Do you agree with his position? Share your thoughts on this topic in the comments section below.
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