Senator Elizabeth Warren warns the GENIUS Act may let tech billionaires issue stablecoins that track users and bypass banking rules.

The legislation to set rules for stablecoin issuers is the first major digital assets bill to ever clear the Senate and now moves on to the U.S. House.

The Senate passed a landmark piece of legislation to regulate crypto after a bumpy path through the upper chamber. The bill, known as the GENIUS Act, would establish a regulatory framework for the $250 billion market for stablecoins,