Senator Josh Hawley has cast a dissenting vote against the GENIUS Act, citing concerns that it unfairly benefits major tech companies. He argues the legislation will allow these tech giants to issue stablecoins without sufficient regulation, highlighting a risk to consumer protection and financial stability. In response, Senator Hawley proposed a 10% cap on credit card interest rates as a countermeasure, emphasizing his commitment to safeguarding consumers from monopolistic practices. His opposition underscores his longstanding advocacy for financial reform, echoing past efforts against anti-competitive measures in the financial sector. The bill’s potential impact on the stablecoin market, valued at $250 billion, could significantly reshape the payments industry. This legislation is also attracting attention due to its ambiguity and lack of explicit anti-corruption safeguards, leading to a growing divide among Republican lawmakers. Sens. Bernie Sanders and others support the interest cap but share Hawley’s disapproval of unchecked tech influence.