Warren warns that the passage of the stablecoin bill may help Musk "control" the financial system

The U.S. Senate Banking Committee will mark up the stablecoin regulation bill (GENIUS Act) on Thursday, a key step before the bill advances to a full Senate vote. The bill, proposed by Senators Bill Hagerty, Tim Scott and Kirsten Gillibrand, aims to create a regulatory framework for stablecoins pegged 1:1 with the dollar. Although the bill is expected to gain bipartisan support, Senator Elizabeth Warren strongly opposes it, stating that it could undermine U.S. economic stability and give too much financial influence to tech giants (including Elon Musk's X platform). Warren's memo warns that the bill lacks sufficient anti-money laundering and consumer protection measures. In her two-page analysis of the legislation she states: "Under this law, Elon Musk could launch 'X Money' tomorrow and turn social media into a payment empire with virtually no regulation; what we're seeing is potential privatization of the dollar."