The GENIUS stablecoin bill in the United States has been strongly opposed by Republican Senator Josh Hawley

According to The New York Times, the upcoming vote on the stablecoin GENIUS bill in the US Senate has sparked a fierce game between the two parties. The legislative controversy revealed on June 6th suggests that the bill could reshape the $250 billion stablecoin market, but it has been strongly opposed by individuals such as Missouri Republican Senator Josh Hawley, who believe it will give tech giants too much financial control. Hawley accuses the bill of indirectly giving the green light for tech companies such as Meta to issue stablecoins, and his submitted amendment requires non-financial listed companies to obtain approval from the newly established "stablecoin certification review committee". Although some provisions were adopted, he criticized the final version for weakening key regulatory constraints. The Democratic Party is concerned that the bill may provide regulatory arbitrage space for private enterprises such as Musk's X Money, and plans to propose amendments to prohibit technology companies from issuing stablecoins.