Senator Elizabeth Warren and consumer advocacy groups expressed strong opposition to Amazon and Walmart's reported plans to issue their own stablecoins. The concerns arise from the GENIUS Act, a proposed legislation that allows major corporations to issue dollar-pegged cryptocurrencies. Warren highlighted the risks associated with allowing large tech companies to create private currencies, suggesting that it could lead to privacy invasions and reduced competition. Both Amazon and Walmart are considering stablecoins as a means to avoid traditional payment processors while gaining valuable insights into consumer spending habits. The bill's fate is uncertain as it undergoes final procedural hurdles, with bipartisan support but also resistance from some lawmakers who caution against the implications for financial stability and consumer protection. The growing interest in stablecoins signifies a shift in how industries view digital assets, signaling potential widespread adoption if the legislation passes.

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