US Senator Warren: If the stablecoin bill is passed, Musk can immediately launch X currency and build a payment empire

Odaily News The U.S. Senate is set to vote on the GENIUS Act on Thursday. This is a comprehensive stablecoin bill that critics and supporters say will give the federal government recognition to the emerging industry and clear the way for stablecoins to be more widely adopted as a means of payment outside the cryptocurrency trading field. Massachusetts Democratic Senator Elizabeth Warren said she hopes to unite Senate Democrats to oppose the measure, warning that it will open the door for big tech companies to take over the dollar. She said in a two-page analysis of the bill: "Under this bill, Elon Musk can launch 'X Money' tomorrow and turn social media into a payment empire with little regulation. What we see is the potential privatization of the dollar." (Fortune)