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

Event date

Mar 13, 2025 - 12:00am

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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.

Senator Elizabeth Warren, the panel's ranking Democrat, led her colleagues' objections against certain provisions of the bill, which she said marks "a clear threat to our national security" in its current form