Democrat Elizabeth Warren has issued a stern warning regarding the GENIUS Act, claiming that stablecoins issued by tech giants such as Amazon and Walmart may lead to the issuance of stablecoins without sufficient control. The bill, officially known as the Guiding and Establishing National Innovation of U.S. Stablecoins Act, recently took a significant step forward in the Senate when a cloture vote passed 68-30 and awaits a final vote.
Recently, and Walmart have been contemplating issuing their digital currencies. Warren also alleges that the existing version of the bill potentially allows the introduction of the corporate-controlled stablecoins that can stalk purchases, harvest user information, and intimidate smaller market participants. She cautioned that these systems might fail and ultimately require taxpayer bailouts.
According to Warren, unless Congress addresses the GENIUS Act, provided by billionaires will trace your purchases, use your information against you, and choke out competitors, Warren wrote on Twitter. Even with the amendment regarding foreign-issued coins and money laundering, she claims that the bill still does not provide the much-needed protection to consumers.
