Warren says that the GENIUS Act could allow tech giants to launch spy coins.

Senator Elizabeth Warren has issued a stern rebuke of the GENIUS Act, warning that it could empower tech giants and wealthy financiers to create crypto-based currencies capable of tracking user behavior.

She warns that these stablecoins could track consumer purchases, collect consumer data, and displace smaller competitors.

Senator Warren calls for more protection regarding the GENIUS Act.

In a post on X, Warren doubled down on her demand for stronger safeguards, stating that the bill should not be used as a 'club' for 'tech billionaires' to prioritize their own interests over user safety.

If Congress does not fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and displace competitors.

These billionaires will come begging for a taxpayer bailout when it inevitably crashes.

— Elizabeth Warren (@SenWarren) June 16, 2025

The bill could create dangerous legal loopholes, the kind that empowers corporations with the ability to unleash unregulated digital currencies outside the realm of traditional banking regulations, she warned, allowing it to become law without key amendments.

Warren highlighted the risks of these digital currencies. If Congress fails to strengthen the GENIUS Act, she said that billionaires like Elon Musk and Jeff Bezos could build stablecoins that reflect one’s spending behaviors, abuse their data, and displace other businesses.

She also warned that if such digital currencies fail, their creators could seek taxpayer-backed bailouts.