Elizabeth Warren, Consumer Groups Criticize Walmart and Amazon Stablecoin Plans

Senator Elizabeth Warren and consumer advocacy groups have sharply criticized reports that retail giants Amazon and Walmart are exploring the issuance of their own stablecoins. The backlash centers on concerns that the GENIUS Act, a proposed stablecoin bill in the Senate, could enable large corporations to dominate the digital currency space.

Warren warned that the legislation, as currently drafted, WOULD allow tech billionaires like Elon Musk and Jeff Bezos to create surveillance-driven stablecoins that could exploit consumer data and stifle competition. "They’ll come begging for a bailout when it inevitably blows up," she said, urging Congress to address these risks before passing the bill.

The debate highlights growing tensions between regulatory oversight and corporate ambitions in the cryptocurrency sector. Stablecoins, which are typically pegged to traditional assets like the U.S. dollar, have become a focal point for policymakers and industry leaders alike.