U.S. Senator Warren: If the stablecoin bill passes, Musk could immediately launch X currency and build a payment empire

2025-03-13 19:42:05

Collection

ChainCatcher news, according to Fortune, the U.S. Senate is set to vote on the "Guidance and Establishment of the American Stablecoin Innovation Act" (GENIUS Act) on Thursday.

This is a comprehensive stablecoin bill, and both critics and supporters have stated that it will allow the federal government to recognize this emerging industry and pave the way for broader adoption of stablecoins as a means of payment beyond the cryptocurrency trading space.

Massachusetts Democratic Senator Elizabeth Warren has expressed her desire to unite Senate Democrats against the measure, warning that it would open the door for large tech companies to take over the dollar. In a two-page analysis of the bill, she stated: "Under this bill, Musk could launch 'X Money' tomorrow, turning social media into a payment empire with almost no regulation, and what we are seeing is the potential privatization of the dollar."

(Source Link)

Related tags

Warren Musk stablecoin X

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.