Internet reports that the U.S. Senate Banking Committee will mark the GENIUS Act on Thursday, a key step before the bill is advanced to a full vote. The bill, co-sponsored by Senators Bill Hagerty, Tim Scott and Kirsten Gillibrand, aims to create a regulatory framework for stablecoins pegged to the 1:1 dollar. Although the bill is expected to gain bipartisan support, Senator Elizabeth Warren expressed strong opposition, saying it could undermine the stability of the U.S. economy and give too much financial clout to technology giants, including Elon Musk's Platform X. Warren's memorandum warned that the bill lacked adequate anti-money laundering and consumer protection measures. She said in a two-page bill analysis: Under this bill, Elon Musk could launch 'X Money' tomorrow, turning social media into a payments empire with little or no regulation. What we are seeing is the potential privatization of the U.S. dollar.