Warren says GENIUS Act could let tech giants launch spy coins
The post Warren says GENIUS Act could let tech giants launch spy coins appeared on BitcoinEthereumNews.com. Sen. Elizabeth Warren has issued a searing rebuke of the GENIUS Act, warning it may empower tech giants and wealthy financiers to create crypto-based currencies capable of tracking user behavior. She cautions that these stablecoins could follow consumer purchases, collect consumer data, and push out smaller competitors. Senator Warren pushes for more protection regarding the GENIUS Act In a post on X, Warren had doubled her demand for stronger safety measures, saying the bill should not be used as a “bludgeon” for “tech billionaires” to prioritize their self-interest over user safety. If Congress doesn’t 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. These billionaires will come begging for a taxpayer bailout when it inevitably blows up. pic.twitter.com/viKxVhdcsd — Elizabeth Warren (@SenWarren) June 16, 2025 The bill could create dangerous loopholes — the kind that power corporations with the ability to unleash unregulated digital currencies outside the ambit of traditional banking regulations, she warned, by allowing it to become law without key amendments. Warren pointed out the risks of these digital currencies. If Congress fails to strengthen the GENIUS Act, she said that billionaires such as Elon Musk and Jeff Bezos could construct stablecoins that mirror one’s spending behaviors, abuse their data, and oust other businesses. She also cautioned that if such digital currencies fail, their creators may come to seek taxpayer-backed bailouts. Other lawmakers, apart from Warren, have been discussing the bill’s existing framework. Critics argue that it does not contain enough safeguards to prevent large technology companies and retail giants from creating private stablecoins that could function unofficially as digital money, raising concerns about surveillance and monopoly. The Guiding and Establishing National Innovation for US Stablecoins Act has undergone several congressional steps.…
The post Warren says GENIUS Act could let tech giants launch spy coins appeared on BitcoinEthereumNews.com.
Sen. Elizabeth Warren has issued a searing rebuke of the GENIUS Act, warning it may empower tech giants and wealthy financiers to create crypto-based currencies capable of tracking user behavior. She cautions that these stablecoins could follow consumer purchases, collect consumer data, and push out smaller competitors. Senator Warren pushes for more protection regarding the GENIUS Act In a post on X, Warren had doubled her demand for stronger safety measures, saying the bill should not be used as a “bludgeon” for “tech billionaires” to prioritize their self-interest over user safety. If Congress doesn’t 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. These billionaires will come begging for a taxpayer bailout when it inevitably blows up. pic.twitter.com/viKxVhdcsd — Elizabeth Warren (@SenWarren) June 16, 2025 The bill could create dangerous loopholes — the kind that power corporations with the ability to unleash unregulated digital currencies outside the ambit of traditional banking regulations, she warned, by allowing it to become law without key amendments. Warren pointed out the risks of these digital currencies. If Congress fails to strengthen the GENIUS Act, she said that billionaires such as Elon Musk and Jeff Bezos could construct stablecoins that mirror one’s spending behaviors, abuse their data, and oust other businesses. She also cautioned that if such digital currencies fail, their creators may come to seek taxpayer-backed bailouts. Other lawmakers, apart from Warren, have been discussing the bill’s existing framework. Critics argue that it does not contain enough safeguards to prevent large technology companies and retail giants from creating private stablecoins that could function unofficially as digital money, raising concerns about surveillance and monopoly. The Guiding and Establishing National Innovation for US Stablecoins Act has undergone several congressional steps.…
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