Senator Elizabeth Warren criticized a stablecoin-focused bill currently in Congress, alleging that it serves to benefit Donald Trump and Elon Musk financially. She highlighted concerns surrounding Trump's decentralized finance project, World Liberty Financial, which aims to launch a stablecoin, USD1, on Ethereum and Binance's BNB Chain. In her remarks, Warren labeled Trump’s involvement as a 'grift' intended to enrich himself. She voiced urgent calls for Congress to amend the 'Financial Innovation and Technology for the 21st Century Act' (FIT21), claiming it could enable Trump and Musk to gain control of citizens' finances. Warren has recently shifted her stance towards working collaboratively with Republicans to address issues concerning banks denying services to digital asset leaders. The regulatory landscape for stablecoins is evolving, with President Trump seeking to transform the U.S. into the 'crypto capital of the world' through new initiatives that could define future regulations.

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