Senator Elizabeth Warren criticized the recently passed GENIUS Act, emphasizing that the legislation will lead to negative consequences for the American public. In an interview, she recognized the need for effective crypto legislation but condemned the influence of the crypto industry on lawmakers, alleging that the act was crafted by the industry itself. Warren drew parallels between the GENIUS Act and the Commodity Futures Modernization Act of 2000, suggesting that both instances demonstrate how legislative power can be manipulated by financial industries to their advantage. She highlighted concerns about the lack of regulation surrounding stablecoins and warned that if the government favors private interests over public welfare, it could result in significant financial risks for average citizens. Warren pointed out that the evolution of stablecoins could instigate similar crises to the one initiated by over-the-counter derivatives in 2008. She also brought attention to issues regarding transparency, regulation, and the potential for exploitation of consumer data by large corporations entering the stablecoin market.

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