Senator Elizabeth Warren cautions that the GENIUS Act could enable billionaires to launch private stablecoins, potentially threatening consumer privacy and financial competition. She highlights the bill’s loopholes that allow issuances without strong oversight.
After a Senate vote passed the GENIUS Act, Warren urges further changes to ensure consumer safeguards. Critics, including crypto lawyer John Deaton, emphasize the debate on whether government-backed digital currencies are acceptable.
Leave a Reply