Overview

• The GENIUS Act would allow Big Tech companies like Amazon and Meta to issue stablecoins, sparking fears of monopolistic control over financial systems.
• Senate Republicans have introduced a revised version of the bill with additional restrictions on Big Tech, aiming for a procedural vote on May 19, 2025.
• Progressive groups, including Indivisible and Democracy Defenders Action, are urging senators to reject the bill, citing privacy, financial security, and ethical concerns.
• Sen. Elizabeth Warren has criticized the bill as enabling President Trump's potential conflicts of interest through his crypto ventures, including the $TRUMP memecoin.
• Critics argue the bill fails to address national security and anti-money laundering vulnerabilities, leaving stablecoins open to misuse by bad actors.