Elizabeth Warren Slams Stablecoin Bill, Warns of Billionaire Data Monopolies

Senator Elizabeth Warren has launched a scathing critique of the GENIUS Act, a bipartisan stablecoin regulation bill advancing through the U.S. Senate. The legislation, which recently cleared a procedural hurdle, aims to establish reserve requirements and oversight frameworks for dollar-pegged cryptocurrencies.

Warren''s central objection focuses on potential loopholes that could allow tech oligarchs to dominate payment infrastructure. "Billionaires like Musk and Bezos could weaponize stablecoins to surveil transactions and crush competition," she warned on social media platform X. The remarks follow reports of Elon Musk''s xAI exploring stablecoin integration.

The controversy highlights growing tensions between crypto innovators and Washington regulators. While the bill proposes transparency rules for stablecoin issuers, critics argue it fails to prevent centralized control over financial data. Market observers note the debate could impact adoption trajectories for payment-focused cryptocurrencies.