Senator Elizabeth Warren has criticized the recently passed GENIUS Act, asserting that the American people will suffer due to the crypto industry's influence on legislation. She acknowledges the need for comprehensive crypto regulations but warns against hastily passing laws shaped by industry interests. In an interview, she highlighted that the GENIUS Act allows the crypto industry to craft its regulations, drawing parallels to the Commodity Futures Modernization Act of 2000, which some believe contributed to the 2008 financial crisis. Warren emphasized the risks of allowing an unregulated environment for stablecoins, expressing concerns about potential bank runs and inadequate protections for investors. She noted that the current regulatory landscape favors a few wealthy individuals while leaving the general public vulnerable. Comparing the situation to historical precedents, Warren cautioned about repeating past mistakes where the financial industry was allowed to dictate its regulations with detrimental consequences for the economy.

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