Senator Elizabeth Warren criticized the recently signed GENIUS Act, arguing that the American people will suffer consequences from this landmark crypto legislation. Signed into law by President Trump, the act aims to clarify the legal status of stablecoins. Warren emphasized the need for strong crypto regulation but condemned the influence of the crypto industry on crafting legislation. She likened the GENIUS Act to the 2000 Commodity Futures Modernization Act, which some believe contributed to the 2008 financial crisis due to lax regulations. Warren highlighted that crypto lobbying has reached unprecedented levels, allowing the industry to essentially draft its own rules. She warned that when government actions favor certain industries, it often results in a few individuals getting rich while ordinary citizens bear the cost.

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