On the other side of the aisle, some Democrats have expressed unease toward the GENIUS Act. Sen. Elizabeth Warren's staff circulated a memo outlining their opposition to the bill, which they say "fails" to protect consumers, competition and national security, according to Politico. The memo also includes arguments that the bill would allow firms, such as big tech companies, to issue their own currencies, Fortune reported. Warren offered several amendments on Thursday, including one involving firms being able to issue their own stablecoins. Big tech billionaires like Elon Musk could use their own currencies to compete with the U.S. dollar, Warren said.

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On the other side of the aisle, some Democrats have expressed unease toward the GENIUS Act. Sen. Elizabeth Warren's staff circulated a memo outlining their opposition to the bill, which they say "fails" to protect consumers, competition and national security, according to Politico. The memo also includes arguments that the bill would allow firms, such as big tech companies, to issue their own currencies, Fortune reported. Warren offered several amendments on Thursday, including one involving firms being able to issue their own stablecoins. Big tech billionaires like Elon Musk could use their own currencies to compete with the U.S. dollar, Warren said.

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Senate Banking Committee votes to advance stablecoin bill, collecting support from both Democrats and Republicans

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GENIUS stablecoin act was criticized by some Democrat members of the Senate Banking Committee, led by Senator Elizabeth Warren for failing to protect consumers, competition, and potential threat to national security by allowing big tech firms to issue their own stablecoins that could compete with the U.S. dollar

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