Republican Senator Josh Hawley Breaks With Party Lines, Opposes Upcoming GENIUS Act: Report

Senator Josh Hawley is opposing party lines by voting against an upcoming stablecoin bill endorsed by the White House.

According to a New York Times report , the Missouri Republican Senator is saying “no” to the upcoming GENIUS Act.

“It’s a huge giveaway to Big Tech.

It allows these tech companies to issue stablecoins without any kind of controls. I don’t see why we would do that.”

According to the Times report, the GENIUS Act could potentially upend the credit card industry and benefit both Trump and Musk, who are currently publicly feuding .

Hawley is pushing for amendments to the bill that would curtail Big Tech’s involvement.

GENIUS is an acronym meaning “Guiding and Establishing National Innovation for US Stablecoins”. The bill purports to seek to improve consumer protection, transparency, marketing restrictions and regulatory oversight for the burgeoning stablecoin market, estimated to be worth $250 billion.

Yesterday, the second-biggest player in the US-dollar pegged stablecoin space, Circle, issuer of USDC, launched its initial public offering, or IPO.

“Circle is now officially a public company, listed on the NYSE under CRCL.”

In its New York Stock Exchange (NYSE) debut, Circle saw an opening price of $69 per share, up by 168.48% from the IPO price of $31 per share.

Featured Image: Shutterstock/laskoart/Vladimir Sazonov