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Senator Elizabeth Warren and consumer groups are raising alarms over reports that Amazon and Walmart may issue their own stablecoins under the GENIUS Act. They warn this could grant tech giants unprecedented financial power and data access. The bill, nearing Senate approval, would create the first U.S. legal framework for stablecoins.
- The GENIUS Act would permit corporations like Amazon and Walmart to issue stablecoins while accessing customer spending data.
- Consumer advocates warn this could recreate the risks of combining commercial and banking activities that Glass-Steagall sought to prevent.
- Stablecoin adoption could help merchants bypass traditional payment processors' fees while earning yield on customer deposits.
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