U.S. Senate to Vote on Stablecoin Innovation Act

According to Odaily, the U.S. Senate is scheduled to vote on the Guiding and Establishing New Innovations for U.S. Stablecoins (GENIUS) Act this Thursday. This comprehensive stablecoin legislation has garnered both criticism and support, with proponents suggesting it will grant federal recognition to the burgeoning industry and facilitate the broader adoption of stablecoins as a payment method beyond cryptocurrency exchanges. Massachusetts Democratic Senator Elizabeth Warren has expressed her intention to unite Senate Democrats in opposition to the measure. She warns that the act could pave the way for large tech companies to dominate the U.S. dollar. In a two-page analysis of the bill, Warren stated, "Under this legislation, Elon Musk could launch 'X Money' tomorrow, transforming social media into a payment empire with minimal regulation, which poses a risk of the dollar's potential privatization."