Senator Elizabeth Warren and consumer advocacy groups have criticized reports suggesting that giants like Amazon and Walmart are planning to issue their own stablecoins. This push follows the introduction of the GENIUS Act, legislation in the Senate that would permit such corporate initiatives, raising concerns about the concentration of power in the hands of large tech firms. Warren emphasized the risks, asserting that allowing corporations to create proprietary digital currencies could lead to data exploitation and unfair competition against smaller businesses. Alongside this, consumer advocates argue that such developments may threaten financial stability, urging for stricter regulations. Current discussions indicate that major retailers may leverage stablecoins not only for payment processing but also to gather customer data, thus further magnifying their market influence. If the GENIUS Act passes, it could transform the landscape of cryptocurrency in the U.S., enabling a broader adoption of digital currencies beyond traditional financial systems, leading to a reconsideration of how businesses engage with payment systems.

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