Republican Senator Josh Hawley is bucking his party and the White House by opposing the GENIUS Act, a new bill aimed at regulating stablecoins.
Hawley’s Concerns
Hawley calls the bill a “huge giveaway to Big Tech,” arguing it lets tech giants issue stablecoins without sufficient oversight. He’s pushing for amendments to rein in Big Tech’s influence. The Senator believes the bill, while claiming to improve consumer protection and transparency, ultimately benefits large corporations.
What’s the GENIUS Act?
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) is designed to regulate the $250 billion stablecoin market. It aims to improve consumer protection, transparency, and regulatory oversight. Interestingly, the bill’s passage could significantly impact the credit card industry and potentially benefit both Donald Trump and Elon Musk, who are currently engaged in a public feud.
Circle’s IPO and Market Impact
The timing of the bill’s debate coincides with Circle, a major player in the stablecoin market (issuing USDC), going public. Circle’s IPO saw its stock price skyrocket on its NYSE debut.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing.
/p>
