Senate Republicans are moving ahead with a controversial cryptocurrency bill called the GENIUS Act. The bill would completely change the financial system by giving major tech companies huge control over digital currencies and possibly weakening protections for consumers. The act is a major handout to Big Tech and could put financial stability, national security, and personal privacy at risk.
The GENIUS Act is designed to let tech giants such as Amazon, Meta, Google, and Apple develop and run their own stablecoins, which are cryptocurrencies tied to a stable asset like the US dollar. Supporters say this will encourage innovation, but opponents believe it dangerously expands the already massive power of these corporations.
