Warren warns that the stablecoin bill could help Musk 'control' the financial system

According to Golden Finance, the US Senate Banking Committee will mark the GENIUS Act on Thursday, which is a crucial step in advancing the bill to a full house vote. The bill, jointly proposed by Senators Bill Hagerty, Tim Scott, and Kirsten Gillibrand, aims to create a regulatory framework for stablecoins pegged 1:1 to the US dollar. Although the bill is expected to receive bipartisan support, Senator Elizabeth Warren strongly opposes it, stating that the bill may weaken the stability of the US economy and give tech giants (including Elon Musk's X platform) too much financial influence. Warren's memo warns that the bill lacks sufficient anti money laundering and consumer protection measures. She stated in a two page bill analysis that under this bill, Elon Musk could launch 'X Money' tomorrow, turning social media into a payment empire with almost no regulation, and what we see is the potential privatization of the US dollar.