US Senator Slams Genius Law as Potentially Profitable to Billionaires
Senator Elizabeth Warren from the state of Massachusetts criticized the Genius Bill that regulates stablecoins to be immediately fixed with amendments and does not involve personal interests.
According to Warren, the rules allow billionaires like Elon Musk and Jeff Bezos to track other people's spending, as well as suppress competitors.
"If Congress doesn't fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit data, and suppress competitors," Warren wrote on his X page.
Additionally, Warren said the Genius Act bill could potentially create a dangerous legal loophole, allowing stablecoin creators to seek taxpayer-backed bailouts
