After reports surfaced that Zuckerberg led Meta is looking to partner or create its own stablecoin, some in the US government may throw a wrench in the works, as they try to prevent the influence of big tech via the GENIUS Act.
Massachusetts Democrat Elizabeth Warren told Coindesk that “the Senate must fix the GENIUS Act so it prohibits Big Tech companies and other commercial giants from owning or affiliating with stablecoin companies”.
“No Senator should vote to make it easier for Big Tech to pry into our financial transactions or choke off small businesses and political adversaries from the payments system,” she added.
Warren minced no words in directly targeting Meta saying that they cozied up to the President and were trying to “control American people’s money”. Meta, on its part, has denied reports of its stablecoin foray, with communication director Andy Stone stating that “Diem is “dead.” There is no Meta stablecoin.” on his X post on May 9th.
Another problem that Senate Democrats foresee is the growing closeness between Binance and World Liberty Financial, the crypto company tied to President Donald Trump and his family. Warren along with other democrat senators wrote to officials regarding a meeting between Treasury Secretary Scott Bessent and Attorney General Pam Bondi on their recent interactions with Binance.
“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies,” the senators said in the letter.
