Senator Elizabeth Warren Slams Stablecoin Bill, Calls It Donald Trump and Elon Musk's "Grift"

Senator Elizabeth Warren (D-MA) has strongly criticized the stablecoin bill currently making its way through the Senate.

In a post on X (formerly Twitter) yesterday evening, Warren accused the bill of being “[President] Donald Trump’s latest grift to enrich himself.” She further expressed concerns that the legislation could give figures like Trump and Elon Musk increased control over US finances.

“Congress should step up and fix the current stablecoin bill moving through the Senate,” Warren’s tweet read. The stablecoin bill Warren is referring to is likely the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, which hopes to establish a regulatory framework for payment stablecoins. Earlier this month, the bill passed the Senate Banking Committee with a bipartisan 18-6 vote.

Warren’s comments highlight the growing uncertainty as the new administration works to establish a comprehensive regulatory framework for digital assets, including stablecoins.

Stablecoins are currently in circulation totaling over $208 billion, enabling more than $4 trillion in transactions, according to a new report by Keyrock and Centrifuge. This marks a 45% increase in circulation compared to the same period last year. The total stablecoin market capitalization is currently $233.5. billion, according to DefiLlama data. Tether (or USDT) holds a 62% market dominance.