U.S. Senator Warren: If the stablecoin bill passes, Musk can immediately launch X currency and build a payment empire

Mars Financial News, the U.S. Senate is scheduled to vote on the "Guidance and Establishment of the U.S. Stablecoin Innovation Act" (GENIUS Act) on Thursday. This is a comprehensive Stablecoin bill, with critics and supporters alike saying that it will garner federal recognition for this emerging industry and pave the way for Stablecoins to be more widely adopted as a means of payment beyond the realm of Cryptocurrency transactions. Massachusetts Democratic Senator Elizabeth Warren expressed her hope to unite Senate Democrats against the measure, warning that it would open the door for large tech companies to take over the dollar. In a two-page analysis of the bill, she stated: "Under this bill, Elon Musk could launch 'X Money' tomorrow, turning social media into a payment empire with little to no regulation, potentially leading to the privatization of the dollar." (Fortune)