Elizabeth Warren Says Billionaires Like Jeff Bezos And Elon Musk Will 'Track Your Purchases' If Allowed To Launch Stablecoins, And Stick You With The Bill When It 'Blows Up'

Sen. Elizabeth Warren (D-Mass.) took potshots at billionaires Elon Musk and Jeff Bezos on Monday, warning that stablecoin legislation would enable them to "exploit" user data and engage in unfair trade practices.

What happened: In an X post, Warren argued that the GENIUS Act, also known as the stablecoin bill, has a “major loophole” that allows Big Tech and major retailers to issue their own stablecoins, which, according to her, could lead to significant risks for consumers and the economy.

"If Congress doesn't fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors," Warren alleged.

The senator further predicted that if the stablecoin endeavors fail, the billionaires will come "begging for a taxpayer bailout."

Benzinga didn’t immediately hear back from Amazon and Musk’s companies, Tesla, Inc. TSLA, and SpaceX, for a response.

Why It Matters: Warren's attack comes after reports that Walmart Inc. WMT and Amazon.com Inc. AMZN were exploring the possibility of issuing their own stablecoins.

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Warren had also raised concerns over Meta Platforms Inc.'s META potential stablecoin revival plans in a letter to CEO Mark Zuckerberg last week. Meta denied any such plans in a note to Benzinga.

The senior lawmaker has been waging a battle against the GENIUS Act, stating that passing the legislation without necessary amendments would enable corruption and illegal activities. She has specifically spoken about the involvement of President Donald Trump and his family in the space.

The GENIUS Act aims to transform stablecoins from a crypto settlement tool into a mainstream financial rail. It is scheduled for a Senate vote this week and is expected to pass by the end of summer.

Price Action: Shares of Amazon were down 1.14% in after-hours trading after closing 1.89% higher at $216.10 during Monday’s regular trading session, according to data from Benzinga Pro. Walmart shares fell 0.20% in after-hours trading.

AMZN demonstrated a very high growth score as of this writing. To find out how it stacks up against Walmart on this metric, click Benzinga Edge Stock Rankings.