Senator Elizabeth Warren has criticized the recently passed GENIUS Act, suggesting it will burden the American public due to the cryptocurrency industry's influence on U.S. legislation. In an interview, she asserted that the act, which aims to clarify the legal status of stablecoins, reflects a scenario where the crypto sector essentially drafts its own regulatory framework. Warren drew parallels with the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis by allowing certain financial products to operate with minimal oversight. She emphasized the need for comprehensive and effective cryptocurrency regulations, warning against self-serving legislation crafted by industry lobbyists. Warren expressed concerns that this could lead to similar outcomes as the past crises, wherein a few industry players benefited while the general populace suffered. Her criticisms extend to Donald Trump's connections with the crypto space, raising alarms about potential corruption linked to the passage of new stablecoin legislation.

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