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GENIUS Act goes to Trump over concerns about open door for Musk

By Neil Roland ( July 17, 2025, 21:54 GMT | Insight) -- The GENIUS Act, which passed the US House today following passage in the Senate last month, would let private companies issue stablecoins — a prospect that has alarmed some Democratic lawmakers who fear it would permit Elon Musk’s X and other Big Tech companies to walk through that door. Although the bipartisan bill doesn’t name Musk, he is seeking to issue “X Money” through X, a private company.The GENIUS Act, which passed the US House today following passage in the Senate last month, would let private companies issue stablecoins — a prospect that has alarmed some Democratic lawmakers who fear it would permit Elon Musk’s social media company X and other Big Tech companies to walk through that door....

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