Senator Elizabeth Warren and consumer advocacy groups have criticized reports indicating that major retailers, including Amazon and Walmart, are considering issuing their own stablecoins. According to Warren, such adaptations could pose significant risks to consumer data privacy and economic stability if Congress does not address loopholes in the proposed GENIUS Act, which allows corporations to issue their own currencies pegged to the dollar. Critics, including Warren, warn that this could lead to a concentration of financial power among a few large tech companies, further complicating competition in the market. Consumers might also face new risks as these companies could potentially exploit customer data through their stablecoins. The GENIUS Act is set for discussion in the Senate, with advocates suggesting that stablecoins might integrate deeply into financial markets, facilitating new revenue streams for tech companies as they collect consumer spending data. The proposed legislation is expected to receive considerable scrutiny before any voting takes place.

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