As Meta Said to Mull Tokens, U.S. Senator Warren Calls for Blocking Big Tech Stablecoins

As Meta Said to Mull Tokens, U.S. Senator Warren Calls for Blocking Big Tech Stablecoins

Tech titan Meta (META) has reportedly been looking into the possibility of a return to the stablecoin market after having spurred a U.S. regulatory backlash from its efforts in years past, and U.S. Senator Elizabeth Warren told CoinDesk that the pending legislation to govern stablecoins needs to insist that's not possible.A high-stakes crypto bill to set up U.S. rules for stablecoins such as Tether's USDT and Circle's USDC was virtually sailing …

If it goes to Elizabeth Warren, senators should vote against stablecoins from large tech companies. The Democrat suspects "financial espionage". Source: BTC-ECHO BTC-ECHO

The GENIUS Act needs to be revised to prevent corporations from “issuing their own money,” Senate Banking Committee member Elizabeth Warren told CoinDesk. “The Senate should fix GENIUS so that it prohibits big tech companies and other for-profits from issuing their own money.

Meta's Stablecoin Comeback Sparks Political Pushback as GENIUS Act Stalls

Meta Platforms (NASDAQ: META) is reportedly exploring a return to the stablecoin market, reigniting concerns among U.S. lawmakers. Senator Elizabeth Warren has voiced strong opposition, urging that the pending GENIUS Act be revised to explicitly block Big Tech firms like Meta from issuing or affiliating with stablecoins. The GENIUS Act, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, initially saw bip…