Potential Elon Musk Stablecoin Sparks Bipartisan Concerns, Maxine Water Terms It ‘A Frightening Proposition’

Published by

Lawmakers are expressing concerns that proposed stablecoin legislation, set to pass the House Financial Services Committee, could inadvertently pave the way for tech moguls like Elon Musk to issue their own stablecoins. What Happened: During a markup of the bill, Rep. Maxine Waters (D-Calif.), the committee’s ranking Democrat, expressed her worries about the legislation potentially enabling Musk’s company to issue a stablecoin. She referred to this scenario as “a frightening proposition.” Musk’s vision for Twitter X goes beyond being a microblogging platform, as he aims to transform it into a …

Read More