Tech Titan Meta (Meta) has reportedly investigated the possibility of returning to the StableCoin market after spuring an American legislative setback from its efforts in the past years, and US senator Elizabeth Warren told Coindesk that the pending legislation to control stablecoins must insist that it is not possible.

A crypto bill with high efforts to set up US rules for stableecoins such as Tether’s USDT and Circle’s USDC virtually sailed through the Senate until Democrats-including some who had supported efforts in the committee-roast against it in recent days and stopped the bill’s progress on the Senate floor this week. The Law on Guidance and Establishing National Innovation for US StableCecoins (Genius) Act must be changed to prevent the big companies from emitting their own money, Warren said.

“The Senate has to solve the Genial Act so that it prohibits large tech companies and other commercial giants from owning or associating stableecoin businesses,” the Massachusetts -Democrat said in a statement to Coindesk. “No senator must vote to make it easier for Big Tech to pry in our financial transactions or stifle small businesses and political opponents from the payment system.”

Six years ago, Meta tried to launch its own crypto stableecoin, the weight (later called Diem), and almost reached the finish line before a revolt from certain regulators and legislators derailed the project. She argued that Metachor Mark Zuckerberg, whose company gave $ 1 million to President Donald Trump’s inauguration fund, is trying to get back in the business, and she called for Zuckerberg “to explain to Congress whether this is another attempt to control the US people’s money.”

Meta’s spokes did not immediately respond to a request for comment on Warren’s views.

The Genius Act is now back in the negotiations, and some legislators remained hopeful that it could reappear on the Senate floor already next week. There is also a House of Representative version that similarly wraps through the process in this chamber of Congress.

Binance and the Treasury

Warren, Senior Democrat in the Senate Bank Committee has been busy with her crypto sector investigation, and also attended colleagues on Friday to question the Treasury Scott Bessent and Lawyer Pam Bondi about their interaction with Binance, as it said to be smiling to smooth out the US trials that the exchange is working after a 2023-confusion.

Five Democratic Senators – including Richard Blumenthal, Chris Van Hollen, Mazie Horono and Sheldon Whitehouse – sent a letter to the officials about the exchange’s discussions with the US government as Binance increases the business band with World Liberty Financial, Crypto Company tied to President Donald Trump and his family.

“As the administration loosens the supervision of an industry where bad players have violated money laundering and sanction, it is not surprising that Binance, who has admitted to prioritize its own growth and profits in accordance with US law, would try to roll back to what is required by its settlement,” they wrote in the letter, noting Binance’s restrictions on its past. Screens.

“Our concern about Binance’s observance obligations is even more urgent in view of the recent reports that the company is using the Trump family’s stablecoin to cooperate with foreign investment companies,” the senators said.

Binance spokeswomes did not immediately respond to a comment request.

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Nikhilesh they contributed reporting.