Senator Elizabeth Warren and consumer advocacy groups have criticized reports that Amazon and Walmart are considering issuing their own stablecoins, stemming from the pending GENIUS Act. The act could allow major corporations to create dollar-pegged cryptocurrencies and has raised concerns about Big Tech's growing power. Warren emphasized the risks of billionaires like Elon Musk and Jeff Bezos having the ability to control and exploit consumer data through these stablecoins. Consumer advocacy organizations echoed her sentiments, warning that such developments could undermine fair competition. The GENIUS Act, which is in its final procedural stages, has faced resistance from Senate Democrats but is expected to pass soon. The legislation would formalize stablecoin issuance in the U.S., which has implications for various sectors including tech firms and merchants. Stakeholders argue that the ability for corporations to issue private currencies could lead to financial stability risks and concentration of power within a few companies.

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