Senator Elizabeth Warren and various consumer advocacy groups voice strong objections to reported plans by Walmart and Amazon to issue their own stablecoins. This concern arises in light of the GENIUS Act, a stablecoin bill pending in the Senate, which could permit large corporations to launch dollar-pegged cryptocurrencies. Warren warns that such developments could empower tech giants, leading to issues like potential exploitation of consumer data and hindering competition. The GENIUS Act, currently in legislative review and likely to pass soon, faces scrutiny for potentially allowing major corporations to issue private currencies and collect financial data from consumers. Critics, including organizations like the Consumer Federation of America, argue that this could create significant financial stability risks and hinder fair competition. They assert that legislation should prevent tech companies from dominating the money supply and enforce regulations that uphold economic equality. As the bill progresses, concerns remain about the implications it would have on the financial landscape, especially regarding data privacy and corporate power.

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