Senator Elizabeth Warren has criticized the recently passed GENIUS Act, warning that the American people will 'pay the price' for this legislation designed to regulate the crypto industry. Signed into law by President Trump, the act aims to provide legal clarity for stablecoins, but Warren argues it reflects the crypto industry writing its own rules. In an interview, she highlighted the massive lobbying efforts by the crypto sector and drew parallels between the GENIUS Act and the Commodity Futures Modernization Act of 2000, which some believe contributed to the 2008 financial crisis. Warren contends that legislation like the GENIUS Act can give a false sense of safety around stablecoins, potentially leading to economic instability. She has consistently expressed concerns about the influence of wealthy individuals and companies on legislation and the risks posed by unregulated stablecoins. The senator's criticisms echo warnings from experts regarding inadequate regulation in the stablecoin market, suggesting that the current framework could facilitate future financial crises.

Source 🔗