The GENIUS Act requires revision to prevent corporations from “issuing their own money,” stated U.S. Senate Banking Committee member Elizabeth Warren in a comment to CoinDesk.
“The Senate must amend GENIUS to prohibit large tech companies and other commercial giants from owning or being affiliated with stablecoin companies,” she noted.
The bill failed to pass a key procedural vote in the Senate on May 8 due to concerns among several Democrats regarding anti-money laundering and national security requirements.
The situation was exacerbated by a potential conflict of interest involving the family and associates of U.S. President Donald Trump due to digital asset-related initiatives.
The document is subject to further revision and discussion. Some officials suggest that a re-vote could occur as early as next week.
“No senator should vote to make it easier for large tech companies to meddle in our financial transactions or to push small businesses and political opponents out of the payment system,” the senator added.
Warren’s statement came amid reports of Meta’s interest in integrating stablecoin payments on its platforms and several other initiatives among major U.S. and global companies.
In May, the market capitalization of the USD1 stablecoin from Trump-affiliated World Liberty Financial exceeded $2 billion.