Internal divisions emerge in US Republican Party over stablecoin bill: "It will only enrich major corporations"

The Republican Party in the United States is facing internal opposition to the actively promoted stablecoin regulatory bill, the GENIUS Act.

According to The New York Times on the 6th (local time), Missouri Senator Josh Hawley stated, "This bill is a huge gift to big tech," and announced his intention to vote against it. He criticized the bill, saying, "This bill allows technology giants to issue stablecoins without any regulation," and questioned, "I don't know why we have to pass a bill like this."

The GENIUS Act aims to strengthen consumer protection, transparency, marketing restrictions, and regulatory oversight for the stablecoin market, which is estimated to be worth $250 billion.

Senator Hawley raises concerns that the bill could disrupt the credit card industry and benefit both President Donald Trump and Tesla CEO Elon Musk, who are currently publicly at odds. He maintains that he will not cooperate with the bill’s passage unless provisions to limit big tech participation are included.