Senator Elizabeth Warren has criticized the recently passed GENIUS Act, warning that it could cost the American people due to its potential consequences. While acknowledging the necessity for clear crypto legislation, she condemned the undue influence of the crypto industry in shaping such laws. Warren likened this situation to the Commodity Futures Modernization Act of 2000, which played a significant role in the 2008 financial crisis. By enabling the industry to write its own legislation, she argues that it leads to risks for consumers and a lack of accountability. The GENIUS Act, which provides legal frameworks for stablecoins, has garnered significant attention and lobbying from key industry players, raising concerns over regulatory weaknesses and the hazards posed by unregulated stablecoins. Warren's historical parallels highlight the dangers of insufficient oversight in financial legislation, reinforcing her call for thorough and prudent regulation before solidifying any new frameworks.

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