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The US Senate will vote on the Stablecoin Innovation Act

AI Summary

According to Odaily, the US Senate has scheduled a vote on the Guidance and Creation of New Innovations for US Stablecoins Act (GENIUS) this Thursday. This comprehensive legislative initiative regarding stablecoins has sparked both criticism and support, with proponents arguing that it will provide federal recognition to the growing industry and promote wider adoption of stablecoins as a method of payment outside of cryptocurrency exchanges.

Democratic Senator from Massachusetts Elizabeth Warren has expressed her intention to unite Senate Democrats against this measure. She warns that this law could pave the way for large tech companies to dominate the US dollar. In a bipartisan analysis of the bill, Warren noted: "Under this legislation, Elon Musk could launch 'X Money' tomorrow, turning social media into a payments empire with minimal regulation, creating the risk of potential privatization of the dollar."