Senator Elizabeth Warren and consumer advocacy groups have criticized plans by major retailers like Amazon and Walmart to issue their own stablecoins, which would allow them to operate private currencies. In a statement, Warren highlighted the risks posed by the GENIUS Act, current legislation that could allow major corporations to create such stablecoins without sufficient regulation. She emphasized that this could lead to significant power concentrated in the hands of tech giants, such as Elon Musk and Jeff Bezos, potentially enabling them to track customer purchases and exploit data. Consumer advocates warn that allowing large tech firms to issue stablecoins could jeopardize financial stability and harm competition, further calling for modifications to the bill before it is passed. The GENIUS Act is expected to be voted on soon, with implications for various sectors considering adopting or issuing stablecoins.

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