Senators Elizabeth Warren and Richard Blumenthal have questioned Meta about its stablecoin plans ahead of a key Senate vote on the GENIUS Act. The lawmakers are concerned about potential privacy issues and whether Meta has lobbied for the bill, specifically regarding restrictions on Big Tech firms owning stablecoin issuers. The letter also references Meta's troubled history with its previous stablecoin initiative, Libra.

TD Cowen highlights that attempts to link the stablecoin bill to Donald Trump and Elon Musk are creating significant political obstacles, despite bipartisan support. Key issues such as federal versus state oversight and the treatment of offshore stablecoins remain unresolved, potentially delaying the bill's enactment.

Donald Trump has called for the swift passage of a new stablecoin bill, emphasizing the importance of regulatory clarity in the cryptocurrency sector. He believes that a well-structured framework will benefit the U.S. economy and foster innovation in digital currencies. Trump's advocacy highlights the growing intersection of politics and the evolving landscape of cryptocurrencies.