Sen. Elizabeth Warren (D-Mass.) wants the Senate’s fight over stablecoin reform to become a fight about oligarchy and the control of money in the United States.
Warren gave a speech on the floor this afternoon urging the Senate to reject a measure overturning the Consumer Financial Protection Bureau’s power to oversee digital payments companies. But tucked inside those remarks was a warning about legislative stablecoin reform and the GENIUS Act.
Warren said that the bipartisan bill, as written, would “clear the decks for Elon to issue X Money as his own stablecoin, without any guardrails to protect consumers, national security, and financial stability.”
