Senator Elizabeth Warren criticized the recently passed GENIUS Act, stating that it exemplifies the crypto industry's undue influence over U.S. legislation. Signed into law by President Trump, the act provides a regulatory framework for the issuance and trading of stablecoins. Warren argues that this legislation was effectively written by the industry itself, echoing the historical failures of lax regulations leading to the 2008 financial crisis, particularly referencing the Commodity Futures Modernization Act of 2000. She expressed concerns over the significant lobbying expenditures by the crypto industry which she contends enable them to craft favorable legislation. Warren emphasized the potential dangers of such regulatory capture, warning that while some may profit, the broader American public could face significant consequences as a result. The senator's critiques highlight the need for responsible and comprehensive crypto legislation that prioritizes consumer protection over industry interests.

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