#GENIUSActPass

Senator AS Criticizes the Genius Act as Potentially Benefiting Billionaires

Senator Elizabeth Warren from Massachusetts criticized the Genius Bill regulating stablecoins to be immediately fixed with amendments and 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 pressure competitors.

"If Congress does not fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit data, and suppress competition," Warren wrote on her X page.

Additionally, Warren stated that the Genius Bill could potentially create dangerous legal loopholes, allowing stablecoin creators to seek taxpayer-backed bailouts.