Senator Elizabeth Warren criticized the recently passed GENIUS Act, claiming it will have dire consequences for the American people. She asserted that the act, which provides legal clarity for stablecoins, illustrates the crypto industry’s undue influence on politics, allowing it to effectively write its own legislation. Drawing parallels to the Commodity Futures Modernization Act of 2000, Warren warned that similar legislative overreach contributed to the 2008 financial crisis. She emphasizes the lack of sufficient regulations surrounding stablecoins, raising concerns about potential bank runs, similar to the recent failures witnessed with Silicon Valley Bank. Warren's criticisms echo sentiments shared by industry analysts who caution that this law may lend stability to risky financial products without proper oversight.

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