Reports indicated that tech giant Meta (META) was exploring the possibility of returning to the stablecoin market after facing backlash from U.S. regulators due to its efforts in past years, and U.S. Senator Elizabeth Warren told CoinDesk that the pending legislation governing stablecoins needs to insist that this is not possible.
The high-risk cryptocurrency bill to establish U.S. rules for stablecoins like USDT from Tether and USDC from Circle was nearly passing through the Senate until Democrats—some of whom supported the efforts in committee—rose up against it in recent days and halted the bill's progress in the Senate chamber this week. Warren stated that the American Stablecoin Innovation and Regulation Act (GENIUS) needs to be changed to prevent large companies from issuing their own money. The Democratic representative from Massachusetts said in a statement to CoinDesk: "The Senate must reform the GENIUS Act to prevent big tech companies and other corporate giants from owning or joining stablecoin companies. No senator should vote to facilitate big tech's interference in our financial transactions or to stifle small businesses and political opponents in the payment system."
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