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Home News

Senator Elizabeth Warren Criticizes Stablecoin Bill, Raising Concerns About Consumer Protection

17 June 2025
in News, Regulation, Stablecoins
Reading Time: 3 mins read
106 3
source: decrypt.co

source: decrypt.co

Senator Elizabeth Warren has raised serious concerns about the GENIUS Act, warning that it could allow major tech companies to issue stablecoins that bypass existing banking regulations.

The bill, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, is currently moving toward a final Senate vote. Warren fears that without amendments, billionaires like Elon Musk and Jeff Bezos could launch private digital currencies that track consumer purchases, exploit personal data, and squeeze out smaller competitors.

Senator Elizabeth Warren
Source: Google 

Warren’s warnings come amid reports that retail giants such as Amazon and Walmart are exploring the launch of stablecoins. She publicly urged Congress to fix the bill’s loopholes, highlighting risks of surveillance and market monopolies. Additionally, she cautioned that if these corporate-issued stablecoins fail, their creators might seek taxpayer-funded bailouts.

The GENIUS Act has faced pushback from some Democratic senators over anti-money laundering standards and the regulation of foreign stablecoin issuers. While many concerns were addressed in recent revisions, Warren and a few others continue to call for stronger safeguards. The bill passed a Senate cloture motion 68-30, clearing the way for final debate and vote.

Complicating the debate are President Donald Trump’s ties to World Liberty Financial, a company that has recently introduced its own stablecoin. This connection has raised questions about regulatory fairness and potential conflicts of interest.

Public responses to Warren’s stance have been mixed. Some critics point out her previous support for a government-issued central bank digital currency (CBDC), which also involves data collection. Others argue that corporate stablecoins could foster competition and reduce banks’ monopoly on purchase tracking.

Supporters of the GENIUS Act argue that it would establish a clear legal framework for stablecoins, enhance consumer access, and effectively regulate the market. However, opponents warn that without strict limits on corporate involvement, the risks of surveillance and market dominance could outweigh the benefits.

This ongoing debate highlights the challenges of regulating digital currencies in a manner that strikes a balance between innovation, consumer protection, and privacy.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: CryptoElizabeth Warren
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Bobby Okposin

Bobby Okposin

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