Senator Elizabeth Warren Highlights the GENIUS Act Stablecoin Bill: Here’s Why!

Jakarta, Pintu News – Senator Elizabeth Warren has called for Congress to amend the GENIUS Act bill, warning that it could allow tech billionaires to issue private digital currencies.

He expressed concerns that these stablecoins could track consumer purchases, collect personal data, and displace smaller competitors.

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Senator Warren’s concerns over company-issued stablecoins

Senator Warren expressed her concerns after discussions emerged about major companies like Amazon and Walmart considering launching their own stablecoins.

In a series of posts, he warned that without proper amendments, the GENIUS Act bill would create a loophole for large corporations and wealthy individuals to introduce private currencies that could function outside of existing banking regulations.

“If Congress doesn’t fix the GENIUS Act bill, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and displace competitors,” Warren wrote on her official account.

He also warned that if the digital currency fails, its creators may ask for a taxpayer-funded bailout.

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GENIUS Act Bill Heads for Senate Vote

The GENIUS Act bill, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, has gone through several legislative stages. Last week, the Senate approved a cloture motion by a vote of 68-30, allowing the bill to proceed to final debate and a floor vote scheduled for Tuesday.

Initially, the bill faced stiff resistance from Democratic senators who raised concerns about anti-money laundering standards, corporate issuance provisions, and stablecoins created by foreign companies. Many of these objections have been addressed through revisions to the bill. However, Warren and some others continue to call for further protections.

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Public Debate on Privacy and Government Control

The proposed bill has sparked a public conversation about financial privacy and the role of government oversight. Some social media users responded to Warren’s comments by pointing out her previous support for central bank digital currencies (CBDCs), which could also involve data collection.

“You support Federal Reserve-issued consumer CBDCs,” wrote crypto attorney John E. Deaton. “So as long as the government does all the tracking and surveillance it’s okay?” Other commentators argued that company-issued stablecoins could introduce healthy competition in the financial sector.

“This bill will end the monopoly that your bank donors have on tracking our purchases,” wrote Fred Rispoli, another vocal figure in the crypto space.

Conclusion

Supporters of the bill argue that the GENIUS Act bill will offer a legal framework for stablecoins, improve consumer access, and set clear rules for the market. However, critics say that without restrictions on corporate involvement, the risks outweigh the benefits.

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Reference

• Coingape. Senator Elizabeth Warren Calls Out Stablecoin Bill ‘Genius Act’, Here’s Why. Accessed on June 17, 2025
• Featured Image: The New Yorker