Georgia Rep. Marjorie Taylor Greene Criticizes Fednow Project, Pushes for Return to Gold Standard
On Wednesday, Marjorie Taylor Greene (MTG), a Republican member of the U.S. 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 U.S. should return to the “gold standard” and said she’s taking a “hard pass” on digital currency payment systems.
MTG Blasts U.S. Central Bank’s Fednow Digital Currency Program
Representative Marjorie Taylor Greene (R-GA) is known for her controversial statements and is not shy about expressing her opinions. The American politician and businesswoman has represented Georgia’s 14th congressional district since 2020. On April 5, she criticized the U.S. central bank’s Fednow project, stating that the U.S. should return to the gold standard rather than relying on digital currency payment systems. “Hard pass,” added the Congress member. Like other Republican politicians, Greene, or MTG, does not seem to support a central bank digital currency (CBDC).
Texas senator Ted Cruz and Florida governor Ron DeSantis have introduced legislation against CBDCs. The stance of MTG on permissionless cryptocurrencies such as bitcoin (BTC) and ethereum (ETH) is “unclear,” according to Coinbase’s report on the Georgia representative. Coinbase’s report, which covers Congressional leaders’ opinions on crypto assets, states that there is “not enough data to determine” Greene’s official stance. However, the report does mention that MTG spoke out on Twitter against Canadian prime minister Justin Trudeau’s actions against a convoy of truckers.
“As Trudeau has gone full dictator in Canada and is stealing Canadians’ crypto wallets, Democrats and big banks are lining up to take their cut of #crypto and #blockchain,” tweeted Greene. “Joe ‘the big guy’ Biden always gets his cut. Protect crypto owners’ rights,” 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 donated crypto funds sent to Ukraine were transferred to Sam Bankman-Fried’s FTX.
Many people believe that a CBDC would be a disastrous idea for the United States. Economist Richard Werner recently called the July launch of Fednow “suspicious.” Former Republican congressman from Texas, Ron Paul, also criticized the Fednow payment system three years ago, encouraging crypto competition instead. He stated, “I’m all for cryptocurrencies and blockchain technology because I like competing currencies.” Senator Elizabeth Warren (D-MA), who has referred to herself as “anti-crypto,” recently denounced competing currencies like bitcoin and called for the U.S. to move towards a CBDC.
What are your thoughts on Marjorie Taylor Greene’s criticism of the Fednow project and her call to return to the gold standard? Do you agree with her stance? Share your thoughts about this subject in the comments section below.