Senator Elizabeth Warren and consumer advocacy groups expressed strong opposition to plans by Amazon and Walmart to potentially issue their own stablecoins. This comes in the context of the GENIUS Act, a stablecoin bill in the Senate, which critics argue would grant major corporations the power to create dollar-pegged cryptocurrencies. Warren cautioned that without amendments, this legislation could allow tech giants to exploit consumer data and undermine competition. She highlighted that if unscrupulous practices continued unchecked, it could allow billionaires to further entrench their financial power, with consumers facing risks associated with the failure of private currencies. The GENIUS Act is currently poised for a vote in the Senate, with significant attention on its implications for the modern financial landscape, including concerns it might amplify financial stability risks by allowing large corporations to issue private currencies without adequate oversight.

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