📢(Elizabeth Warren spoke out against stablecoins from large corporations)
The GENIUS Act bill needs to be revised so that corporations "cannot issue their own money," said U.S. Senate Banking Committee member Elizabeth Warren in a comment to CoinDesk.
The bill failed to pass a key procedural vote in the Senate on May 8 due to concerns from several Democrats regarding anti-money laundering and national security requirements.
The situation was exacerbated by a potential conflict of interest involving the family and associates of U.S. President Donald Trump due to initiatives related to digital assets.
The document is subject to revision and discussion. Some officials suggest that a re-vote could take place as early as next week.
