US Senator Warren: If the stablecoin bill is passed, Musk can immediately launch X currency and build a payment empire

Odaily Planet Daily News: The US Senate is scheduled to vote on Thursday on the GENIUS Act, which guides and establishes the innovation of stablecoins in the United States. This is a comprehensive stablecoin bill, and both critics and supporters argue that it will enable the federal government to recognize this emerging industry and pave the way for stablecoins to be more widely adopted as a payment method outside of cryptocurrency trading. Massachusetts Democratic Senator Elizabeth Warren stated that she hopes to unite Senate Democrats against this measure and warned that it will open the door for large tech companies to take over the US dollar. In a two page analysis of the bill, she said, "According to this bill, Elon Musk can launch 'X Money' tomorrow, turning social media into a payment empire with almost no regulation. What we see is the potential privatization of the US dollar （Fortune）