Big Tech's Foray into Stablecoins – Regulatory Concerns Arise 🏢💰
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The Senate is set to vote on the GENIUS Act, a significant stablecoin bill that aims to give federal legitimacy to stablecoins and boost their adoption as mainstream payment options. Critics, led by Senator Elizabeth Warren, argue that it could lead to a Big Tech takeover of the dollar, highlighting potential risks such as insufficient federal consumer safeguards and financial instability.
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#Stablecoins #BigTech #GENIUSAct #CryptoRegulation