The US Stablecoin GENIUS Act has triggered a fierce game between the two parties

Mars Finance News: The upcoming Senate vote on the GENIUS stablecoin bill has sparked intense bipartisan negotiations. The legislative dispute disclosed on June 6 suggests that the bill could reshape the $250 billion stablecoin market, but faces strong opposition from Missouri Republican Senator Josh Hawley, who argues that it would grant tech giants excessive financial control. Hawley accused the bill of essentially giving a green light to Meta and other tech companies to issue stablecoins, and submitted an amendment requiring non-financial public companies to obtain approval from a newly established "Stablecoin Certification Review Committee". Although some of his provisions were adopted, he criticized the final version for weakening key regulatory constraints. On the Democratic side, there are concerns that the bill might provide regulatory arbitrage opportunities for private enterprises like Musk's X Money, and they plan to propose an amendment banning tech companies from issuing stablecoins. (The New York Times)