Warren said the bill would “clear the decks for Elon to issue X Money as his own stablecoin, without any guardrails to protect consumers."

United States President Donald Trump reignited a decades-old political feud with Senator Elizabeth Warren by calling her "Pocahontas" during his address to Congress on Tuesday. The remark came while Trump was speaking about US financial aid for Ukraine amid its war with Russia.

The Senate Banking Committee will vote Thursday on a bipartisan deal to regulate stablecoins as House Republicans push for quick action on their own bill.

Financial technology executives are gearing up to advocate using dollar-backed stablecoins to cut transaction costs for American consumers and businesses.