According to PANews, the stablecoin GENIUS bill that is about to be voted on by the U.S. Senate has sparked intense competition between the two parties. The bill could reshape the $250 billion stablecoin market, but has faced strong opposition from figures such as Republican Senator Josh Hawley of Missouri. Hawley accuses the bill of effectively greenlighting stablecoin issuance by tech companies like Meta and demands that non-financial public companies must be approved by a newly established 'Stablecoin Certification Review Committee.' Democrats are concerned that the bill may provide regulatory arbitrage opportunities for private enterprises like Musk's X Money and plan to propose an amendment to prohibit tech companies from issuing stablecoins.