The US Stablecoin GENIUS Act Sparks Intense Bipartisan Struggle

The upcoming Senate vote on the GENIUS stablecoin bill has sparked intense bipartisan contention. The legislative controversy disclosed on June 6 indicates that the bill could reshape the $250 billion stablecoin market landscape, but it faces strong opposition from figures like Missouri Republican Senator Josh Hawley, who argues that it would grant tech giants excessive financial control. Hawley accuses the bill of effectively giving the green light for tech companies like Meta to issue stablecoins, and his proposed amendment requires non-financial public companies to obtain approval from a newly established "Stablecoin Certification Review Committee." Although some provisions were adopted, he criticized the final version for weakening key regulatory constraints. On the Democratic side, there are concerns that the bill might provide regulatory arbitrage opportunities for private enterprises like Musk's X Money, with plans to propose an amendment prohibiting tech companies from issuing stablecoins. (The New York Times)