The U.S. Senate is embroiled in a partisan dispute over the GENIUS Act, a proposed stablecoin bill that could significantly impact the $250 billion stablecoin market. Republican Senator Josh Hawley has voiced strong opposition, arguing that the bill would grant excessive financial control to technology giants like Meta. Hawley has proposed an amendment requiring non-financial companies to obtain approval from a newly established Stablecoin Certification Review Committee, but criticized the final version for diluting regulatory measures. Meanwhile, Democrats express concerns that the bill might allow regulatory loopholes for private firms such as Musk's X Money. They plan to introduce an amendment to prevent tech companies from issuing stablecoins, highlighting the ongoing legislative battle as the Senate prepares to vote on the bill.