TechFlow news — On March 13, according to Fortune, the U.S. Senate Banking Committee will review the stablecoin regulatory bill (GENIUS Act) on Thursday, a key step before advancing it to a full Senate vote. The bill, introduced by Senators Bill Hagerty, Tim Scott, and Kirsten Gillibrand, aims to establish a regulatory framework for dollar-pegged stablecoins.
Although the bill is expected to gain bipartisan support, Senator Elizabeth Warren has voiced strong opposition, arguing it could undermine U.S. economic stability and grant excessive financial influence to tech giants—including Elon Musk's X platform. In a memo, Warren warned the bill lacks sufficient anti-money laundering and consumer protection measures.
In a two-page analysis of the bill, she stated: “Under this legislation, Elon Musk could launch an 'X Money' tomorrow, turning social media into a payments empire with almost no oversight. What we’re seeing is the potential privatization of the dollar.”
The stablecoin market has expanded rapidly in recent years, with Tether—valued at over $140 billion—emerging as the industry leader. Supporters argue that promoting dollar-backed stablecoins strengthens the dollar’s global position, while critics express concerns about their potential use in illegal activities such as sanctions evasion.
