Senator Elizabeth Warren and consumer advocacy groups have condemned plans by Amazon and Walmart to potentially issue their own stablecoins, as reported on June 13, 2025. The concerns arise from the GENIUS Act, a pending stablecoin bill in the Senate, which would allegedly permit major corporations to issue dollar-pegged cryptocurrencies. Warren highlighted the risks associated with allowing big tech companies to issue their own currencies, warning that it could enable them to track consumer purchases and exploit personal data, ultimately disadvantaging competition. With the Senate set to vote on the bill soon, many including other lawmakers have echoed similar concerns, arguing that it could amplify the financial power of few corporations over the economy. Tech companies may leverage stablecoins to gather consumer data or bypass traditional payment systems, raising significant regulatory and consumer protection issues. Stakeholders are advocating for revisions to prevent these corporations from transitioning into financial entities without meaningful controls.

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