Senator Elizabeth Warren and consumer advocacy groups condemned reports indicating that major retailers like Amazon and Walmart are exploring the issuance of their own stablecoins. The critique arose around the GENIUS Act, a stablecoin bill that would allow corporations to create dollar-pegged cryptocurrencies. Warren voiced concerns about potential wealth concentration and data exploitation stemming from tech giants issuing their own currencies. She argued that if this trend continues unchecked, companies like Amazon could manipulate consumer data and disrupt competition. The GENIUS Act, currently progressing through Congress, would legally regulate stablecoin issuance in the U.S., but opponents, including other lawmakers, highlighted its risks. The potential for traditional companies to harness the benefits of blockchain technology through stablecoin issuance is significant, but it has raised alarms over financial stability risks and consumer protection. As the Bill moves towards passage, the implications for market dynamics are under scrutiny, particularly regarding privacy and monopolistic tendencies in the tech sector.

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