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In a statement to Slate, she warns that the bill fails to hold stablecoin issuers to the same standards to which other financial institutions are subject—and that it would essentially encourage large companies that are not subject to banking regulations, like Musk’s X, to issue their own currency.

Lutnick is the longtime head of Cantor Fitzgerald, an investment bank that serves Tether, a crypto platform with the most widely used stablecoin in the world.

Big banks showed interest and Regal movie theaters allowed U.S. customers to use stablecoin to buy tickets and concessions, per Pymts.com.

"Congresswoman Maxine Waters will negotiate across the aisle to pass the stablecoin package she worked on with former House Financial Services Chair Patrick McHenry," Mesidor said.

Cryptocurrencies are headed to the moon, as Bitcoin’s all-time-high valuations shower blessings upon the broader virtual-asset sector, and as Trump’s own crypto venture promises to launch its own dollar-backed stablecoin.