The US Senate banking committee will mark the GENIUS Act on Thursday, a key step ahead of a full House vote. The bill, introduced by Senators Bill Hagerty, Tim Scott and Kirsten Gillibrand, aims to create a regulatory framework for stablecoins pegged 1:1 to the US dollar. While the bill is expected to gain bipartisan support, Senator Elizabeth Warren voiced strong opposition, saying it could destabilise the US economy and give tech giants, including Elon Musk's X platform, too much financial clout. Warren's memo warned that the bill lacked adequate anti-money laundering and consumer protections. In a two-page analysis of the bill, she said: "Under this bill, Elon Musk could launch'X Money 'tomorrow, turning social media into a payments empire with little regulation. What we see is the potential privatization of the dollar."