While the clash between Elon Musk and President Donald Trump captivated Washington on Thursday, another drama was playing out behind closed doors over a bill to regulate the $250 billion market for stablecoins, which could transform America’s relationship with the dollar, upend the credit card industry, and benefit both Musk and Trump.

The bill, the GENIUS Act, is poised to pass the Senate within days. But a prominent Republican, Sen. Josh Hawley of Missouri, said that he will vote against the bill in its current form, warning that it would hand too much control of America’s financial system to tech giants.

“It’s a huge giveaway to Big Tech,” Hawley said in an interview. Hawley, who previously voted against the bill, is concerned that the legislation would allow tech giants to create dig

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