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

Social media users hailed the Democratic senator's "dignified" response to the president's "disgusting" remark during his address to Congress.

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.