Senator Elizabeth Warren warned the GENIUS Act leaves loopholes for foreign tokens and fails to curb presidential conflicts of interest

Quotes that support claims

"Unfortunately, the GENIUS Act massively expands the marketplace for stablecoins while failing to address the basic national security risks posed by them," Warren said in a speech last week on the Senate floor. "It also includes glaring loopholes that would allow Tether, a notorious foreign stablecoin issuer now based in El Salvador, access to U.S. markets."

While it has failed to convince some of the most vocal Democratic critics such as Senator Elizabeth Warren, who say it allows loopholes for foreign tokens such as Tether's USDT $1.00 , doesn't deal with conflicts presented by the personal crypto involvement of President Trump and clears a path for technology giants such as Amazon to issue their own coins, the bill's backers in her party have essentially argued that doing nothing isn't an option.