The US Stablecoin GENIUS Act has triggered a fierce game between the two parties

Odaily News The GENIUS Act, a stablecoin bill that the U.S. Senate is about to vote on, has triggered a fierce game between the two parties. The legislative controversy disclosed on June 6 showed that the bill could reshape the $250 billion stablecoin market, but it was strongly opposed by people such as Republican Senator Josh Hawley of Missouri, who believed that it would give technology giants too much financial control. Hawley accused the bill of giving the green light to technology companies such as Meta to issue stablecoins in disguise. The amendment he submitted requires non-financial listed companies to be approved by the newly established "Stablecoin Certification Review Committee." Although some clauses were adopted, he criticized the final version for weakening key regulatory constraints. The Democratic Party is worried that the bill may provide regulatory arbitrage space for private companies such as Musk's X Money, and plans to propose an amendment to prohibit technology companies from issuing stablecoins. (New York Times)