{"id":856134,"date":"2025-06-17T09:11:46","date_gmt":"2025-06-17T14:11:46","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/06\/17\/elizabeth-warren-slams-stablecoin-bill-says-this-helps-musk-and-trump-get-rich\/"},"modified":"2025-06-17T09:11:46","modified_gmt":"2025-06-17T14:11:46","slug":"elizabeth-warren-slams-stablecoin-bill-says-this-helps-musk-and-trump-get-rich","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/06\/17\/elizabeth-warren-slams-stablecoin-bill-says-this-helps-musk-and-trump-get-rich\/","title":{"rendered":"Elizabeth Warren Slams Stablecoin Bill, Says \u201cThis Helps Musk and Trump Get Rich\u201d"},"content":{"rendered":"<div role=\"main\" id=\"main-content-row\">\n<article id=\"the-post\" data-post-url=\"https:\/\/coinpedia.org\/news\/elizabeth-warren-slams-stablecoin-bill-says-this-helps-musk-and-trump-get-rich\/\" data-post-title=\"Elizabeth Warren Slams Stablecoin Bill, Says \u201cThis Helps Musk and Trump Get Rich\u201d\" data-post-edit=\"https:\/\/coinpedia.org\/wp-admin\/post.php?post=470583&#038;action=edit\">\n<div>\n<figure><img width=\"1200\" height=\"628\" src=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2025\/02\/15155955\/Tether-Partners-with-US-Lawmakers-to-Shape-Stablecoin-Regulations.webp\" alt=\"Elizabeth Warren Slams Stablecoin Bill, Says \u201cThis Helps Musk and Trump Get Rich\u201d\" data-main-img=\"1\" decoding=\"async\" fetchpriority=\"high\"  ><\/figure>\n<\/div>\n<div>\n<p>The GENIUS Act, a bipartisan bill to regulate payment <a href=\"https:\/\/coinpedia.org\/beginners-guide\/what-are-stablecoins\/\" target=\"_blank\" rel=\"noreferrer noopener\">stablecoins<\/a>, is now at the center of a major controversy. U.S. Senator Elizabeth Warren has raised alarms, warning that billionaires like Elon Musk and Jeff Bezos could abuse the system if critical loopholes aren\u2019t fixed.<\/p>\n<p>Her warning has ignited a heated debate in the crypto community and among lawmakers. So, what exactly is the <a href=\"https:\/\/coinpedia.org\/news\/u-s-senate-overwhelmingly-votes-to-advance-genius-act-what-next\/\" target=\"_blank\" rel=\"noreferrer noopener\">GENIUS Act<\/a>, and why is it drawing so much attention?<\/p>\n<h2 id=\"h-what-is-the-genius-act\"><strong>What Is the GENIUS Act?<\/strong><\/h2>\n<p>The GENIUS Act is a proposed U.S. Senate bill aiming to establish a federal framework for payment stablecoins. It sets out:<\/p>\n<ul>\n<li><strong>Rules for issuance and transparency<\/strong><strong><br \/><\/strong><\/li>\n<li><strong>Reserve requirements for stablecoin providers<\/strong><strong><br \/><\/strong><\/li>\n<li><strong>Clear oversight roles for regulators<\/strong><strong><br \/><\/strong><\/li>\n<\/ul>\n<p>The bill recently cleared a cloture vote and is now headed for a full Senate floor vote, where several amendments are expected to be considered.<\/p>\n<h2 id=\"h-warren-s-warning-billionaires-could-track-your-spending\"><strong>Warren\u2019s Warning: \u201cBillionaires Could Track Your Spending\u201d<\/strong><\/h2>\n<p>Senator <a href=\"https:\/\/x.com\/SenWarren\/status\/1934686954588700893\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Elizabeth Warren<\/a> took to X (formerly Twitter) to issue a sharp warning:<\/p>\n<blockquote>\n<p>\u201cIf Congress doesn\u2019t fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors.\u201d<\/p>\n<\/blockquote>\n<p>Warren\u2019s statement highlights a key concern: if tech giants gain control over both stablecoin issuance and the platforms on which they operate, it could create a dangerous data monopoly.<\/p>\n<h2 id=\"h-musk-and-bezos-eyeing-stablecoins\"><strong>Musk and Bezos Eyeing Stablecoins?<\/strong><\/h2>\n<h3 id=\"h-elon-musk\"><strong>Elon Musk<\/strong><\/h3>\n<p>Reports suggest Musk\u2019s company X is exploring stablecoin integration through its X Money initiative, with the goal of enabling <a href=\"https:\/\/coinpedia.org\/beginners-guide\/peer-to-peer-p2p-exchange\/\" target=\"_blank\" rel=\"noreferrer noopener\">peer-to-peer<\/a> payments and reducing transaction fees.<\/p>\n<h3 id=\"h-jeff-bezos\"><strong>Jeff Bezos<\/strong><\/h3>\n<p>Speculation is swirling that Amazon is also developing a <a href=\"https:\/\/coinpedia.org\/news\/walmart-and-amazon-to-launch-their-own-stablecoins\/\" target=\"_blank\" rel=\"noreferrer noopener\">USD-backed stablecoin<\/a>, aiming to cut costs and streamline online payments.<\/p>\n<p>These potential moves by tech titans are exactly what Warren fears\u2014corporate dominance over digital money and consumer data.<\/p>\n<h2 id=\"h-the-consumer-risk-privacy-at-stake\"><strong>The Consumer Risk: Privacy at Stake?<\/strong><\/h2>\n<p>Stablecoin transactions are recorded on public blockchains. But if a corporation controls both the stablecoin and the user platform, it could:<\/p>\n<ul>\n<li>Connect your wallet to your profile<strong><br \/><\/strong><\/li>\n<li>Monitor spending behavior in real-time<\/li>\n<li>Use the data for hyper-targeted ads, dynamic pricing, or even sell it to third parties<\/li>\n<\/ul>\n<p>This raises major privacy and surveillance concerns.<\/p>\n<h2 id=\"h-trump-stablecoins-and-the-politics-of-regulation\"><strong>Trump, Stablecoins, and the Politics of Regulation<\/strong><\/h2>\n<p>Senator Warren also warned of another risk: bailouts. If corporate stablecoins crash, taxpayers might be on the hook.<\/p>\n<p>Adding fuel to the fire, President Donald Trump is now tied to a controversial stablecoin project.<\/p>\n<h3 id=\"h-trump-s-crypto-empire-world-liberty-financial\"><strong>Trump\u2019s Crypto Empire: World Liberty Financial<\/strong><\/h3>\n<ul>\n<li>World Liberty Financial (WLF) was launched in 2024<\/li>\n<li>Trump serves as \u201cChief Crypto Advocate\u201d<\/li>\n<li>His sons are listed as \u201c<a href=\"https:\/\/coinpedia.org\/beginners-guide\/what-is-web-3-0\/\" target=\"_blank\" rel=\"noreferrer noopener\">Web3<\/a> Ambassadors.\u201d<\/li>\n<li>A Trump-affiliated entity owns 60% of WLF and receives 75% of revenue<\/li>\n<\/ul>\n<p>WLF has raised over $550 million and issued a <a href=\"https:\/\/coinpedia.org\/news\/trump-linked-stablecoin-usd1-goes-cross-chain-with-chainlink-ccip\/\" target=\"_blank\" rel=\"noreferrer noopener\">USD1 stablecoin<\/a>, backed by U.S. Treasuries and cash equivalents.<\/p>\n<p>While Trump\u2019s support for crypto aligns with his campaign promises, critics question whether there\u2019s a conflict of interest.<\/p>\n<h2 id=\"h-supporters-vs-critics-the-stablecoin-divide\"><strong>Supporters vs Critics: The Stablecoin Divide<\/strong><\/h2>\n<p>Not everyone agrees with Warren.<\/p>\n<ul>\n<li>Fred Rispoli, a pro-crypto lawyer, argues the GENIUS Act could break big banks\u2019 monopoly on consumer data.<\/li>\n<li>Others believe corporate stablecoins could boost innovation and financial inclusion.<\/li>\n<li>Critics also accuse Warren of hypocrisy for backing a government-run digital currency with similar data risks.<\/li>\n<\/ul>\n<p>Previous concerns around money laundering, foreign coins, and corporate involvement have been partially addressed in the bill, but the privacy debate remains unresolved.<\/p>\n<h2 id=\"h-final-vote-ahead-will-genius-be-rewritten\"><strong>Final Vote Ahead: Will GENIUS Be Rewritten?<\/strong><\/h2>\n<p>The GENIUS Act is still evolving. As it heads to a full Senate vote, amendments may reshape its final form.But one thing is clear: the outcome will significantly impact the future of stablecoins in the U.S.\u2014and the power tech giants may (or may not) have over them.<\/p>\n<div>\n<h5>Never Miss a Beat in the Crypto World!<\/h5>\n<p>Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.<\/p>\n<\/div>\n<h2 id=\"h-faqs\">FAQs<\/h2>\n<div data-wpr-lazyrender=\"1\">\n<div id=\"faq-question-1750148469207\">\n<p><strong><strong>What is the GENIUS Act, and its purpose?<\/strong><\/strong><\/p>\n<p>The GENIUS Act is a proposed US Senate bill aiming to establish a federal framework for payment stablecoins, setting rules for issuance, reserves, and regulatory oversight.<\/p>\n<\/div>\n<div id=\"faq-question-1750148470144\">\n<p><strong><strong>What are the privacy risks of corporate-controlled stablecoins?<\/strong><\/strong><\/p>\n<p>Corporate-controlled stablecoins could link wallets to profiles, monitor spending, and use data for targeted ads or sales, raising significant privacy concerns.<\/p>\n<\/div>\n<div id=\"faq-question-1750148604486\">\n<p><strong><strong>What is Donald Trump\u2019s connection to stablecoins?<\/strong><\/strong><\/p>\n<p>Donald Trump is \u201cChief Crypto Advocate\u201d for World Liberty Financial (WLF), a stablecoin project, with a Trump-affiliated entity owning 60% and receiving 75% of revenue.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div data-wpr-lazyrender=\"1\">\n<h2>We&#8217;d Love to Hear Your Thoughts on This Article!<\/h2>\n<div>\n<h4>Was this writing helpful?<\/h4>\n<\/div>\n<\/div><\/div>\n<p><a href=\"https:\/\/coinpedia.org\/news\/elizabeth-warren-slams-stablecoin-bill-says-this-helps-musk-and-trump-get-rich\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Vignesh S G<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The GENIUS Act, a bipartisan bill to regulate payment stablecoins, is now at the center of a major controversy. U.S. Senator Elizabeth Warren has raised alarms, warning that billionaires like Elon Musk and Jeff Bezos could abuse the system if critical loopholes aren\u2019t fixed. Her warning has ignited a heated debate in the crypto community<\/p>\n","protected":false},"author":1,"featured_media":856135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[338,339],"tags":[],"class_list":{"0":"post-856134","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-elizabeth","8":"category-warren"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/856134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=856134"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/856134\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/856135"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=856134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=856134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=856134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}