The law on engineering, a bipartite bill to regulate the stables of payment, is now at the center of a major controversy. American senator Elizabeth Warren has raised alarms, warning that billionaires like Elon Musk and Jeff Bezos could abuse the system if the critical gaps are not fixed.
Its warning sparked a heated debate in the cryptographic community and among the legislators. So what exactly is the act of genius and why does it attract attention so much?
What is the act of genius?
THE Genius is a bill of the American Senate aimed at establishing a Federal framework for payment stables. He exhibits:
- Rules for emission and transparency
- Reserve requirements for stablecoin suppliers
- Clear monitoring roles for regulators
The bill recently adopted a vote on the cash register and is now heading for a full vote from the Senate, where several amendments should be taken into account.
Warren’s warning: “billionaires could follow your expenses”
Senator Elizabeth Warren went to X (formerly Twitter) to issue a net warning:
“If the congress does not repair the law on engineering, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that follow your purchases, operate your data and eliminate competitors.”
Warren’s declaration highlights a key concern: if the technological giants take control of both stable and the platforms on which they operateThis could create a dangerous monopoly of data.
Musk and Bezos who envisage stablecoins?
Elon Musk
The reports suggest Musk’s business X explore the integration of the stable reserve via its X silver initiative, in order to allow peer payments and reduction transaction fees.
Jeff Bezos
Speculation turns according to which Amazon also develops a Stablecoin to support USDaimed at Reduce costs and rationalize online payments.
These potential movements by technological titans are exactly what Warren fears – business domination over digital money and consumer data.
Consumer risk: confidentiality at stake?
Stablecoin transactions are recorded on public blockchains. But if a company controls both stable and the user platformHe could:
- Connect your portfolio on your profile
- Monitor Spending behavior in real time
- Use data for Hyper targeted ads,, dynamic priceor even Sell him to third parties
This lifts Confidentiality and surveillance concerns.
Trump, Stablecoins and regulation policy
Senator Warren also warned of another risk: rebellious. If the stables of companies are blocking, taxpayers could be on the hook.
Adding fuel to fire, former president Donald Trump is now linked to a controversial stablecoin project.
Trump Crypto Empire: World Liberty Financial
- World Liberty Financial (WLF) was launched in 2024
- Trump serves “Chief Crypto Advocate“”
- His sons are listed as “Web Ambassadors“”
- An entity affiliated to Trump has 60% WLF and receives 75% of income
WLF noted $ 550 million and expressed a USD1 Stablecoinsupported by American treasure And cash equivalents.
While Trump’s support for the crypto aligns with his campaign promises, criticisms wonder if there is one conflict of interest.
Supporters vs Critics: The Stablecoin Divide
Not everyone agrees with Warren.
- Fred RispoliA pro-Crypto lawyer maintains that the law on engineering could Break the monopoly of Big Banks on consumer data.
- Others believe that the stablecoins of companies could Boost innovation and financial inclusion.
- Critics also accuse Warren of hypocrisy for having supported a Digital currency managed by the government with similar data risks.
Previous concerns around money laundering,, foreign piecesAnd involvement of companies were partially treated in the bill, but the The debate on privacy remains unresolved.
Final vote to come: will genius be rewritten?
The act of genius is still evolving. While heading for a full vote in the Senate, changes can reshape its final form, but one thing is clear: the result will have a significant impact on the future of stablecoins In the United States – and energy technology giants may (or not) have them on them.
