Senator Elizabeth Warren, Congress’s agenda on the agenda of the Genius Act’s law proposal criticized important criticism. Warren said that this bill will allow technology companies to create their own crypto currencies. Among the fundamental concerns he focuses on, consumer privacy, personal data collection and sectoral competition.
Objections to Stablecoin bill
Senator Warren emphasized that Genius Act, which has been discussed in the public recent weeks, can give advantage to the crypto money market, especially for major technology companies. According to Warren, this law can make it easier for giant companies to remove stablecoin. This development may adversely affect market competition.
Warren expressed his concerns especially in terms of consumer rights and said that crypto currencies can offer new ways to collect new data in terms of companies. It is claimed that the law proposal may not be provided with sufficient protection in these areas.
Personal data and competition concern
Senator Warren pointed out that technological developments are progressing rapidly and crypto currencies have started to have more space in the financial system. According to the bill, the stablecoins to be released by large companies have the potential to monitor user expenditures and obtain personal information. This situation is discussed that smaller competitors may increase the risk of exclusion from the market.
“This bill can lead to strengthening technology giants in the financial field and gathering personal data further. Clear protection measures are needed for user privacy.”
In the light of all these developments, another issue focused on Warren was competitive difficulties in the sector that small actors could be exposed to. With the changes in the law, competition should be encouraged and data privacy should be strengthened. Essentially, you see how an anti -crypto politician has deviated the issue in order to abuse the anti -CBDC stance of the two parties ”. US officials opposed the CBDC Trump had promised to block this in the election squares. Now, Warren aims to weaken the support of the Republicans to the law and to recover the democrats who support the law by giving the sub -message “to the tokens that will be issued by private companies”.
Request for Amendment in the Law
Senator Warren, Congress’s law bill should not pass the current form of the opinion. According to Warren’s request, the law must contain much more open and binding provisions in the use, sharing and protection of personal data. In addition, it is noted that a fair competitive environment should be provided in order to accommodate small -scale competitors in the market.
Senator Elizabeth Warren: “More technology companies can be effective in the financial system, it can cause potential problems.
It is seen that the spread of digital currencies brings many discussions in terms of both financial system and consumer privacy. Warren’s suggestions are taken into consideration in the legislative process; It may be brought to the agenda to bring new arrangements and firm inspections in this area. These developments will closely concern the digital currency ecosystem and personal data safety.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
