The senator said that the GENIUS Act, as it’s written, should be struck down, fearing that it would be a “huge giveaway to Big Tech.”

Senator Josh Hawley, Republican of Missouri, has come out as a strong “no” against a new stablecoin bill, the GENIUS Act.Tom Brenner for The New York Times

While the clash between Elon Musk and President Trump captivated Washington on Thursday, another drama was playing out behind closed doors over a bill to regulate the $250 billion market for stablecoins, which could transform America’s relationship with the dollar, upend the credit card industry, and benefit both Musk and Trump.

The bill, the GENIUS Act, is poised to pass the Senate within days. But a prominent Republican, Senator Josh Hawley of Missouri, said that he will vote against the bill in its current form, warning that it would hand too much control of America’s

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