Senator Elizabeth Warren criticized the GENIUS Act, recently signed into law by President Donald Trump, claiming it could cost the American public dearly. The act provides legal clarity for stablecoins but is seen by Warren as an example of the crypto industry writing its own legislation. In a Vanity Fair interview, she stressed the necessity for strong crypto regulations while cautioning against hastily endorsing industry-friendly bills. Warren drew an analogy to the Commodity Futures Modernization Act of 2000, linking it to the 2008 financial crisis due to its lack of strict oversight for the derivatives market. She condemned the overwhelming influence of crypto industry lobbying in Washington and warned that such legislative behavior could lead to severe repercussions for the general populace. Furthermore, Warren expressed concerns regarding potential abuses of stablecoins by large corporations, suggesting that they could exploit consumer data and stifle competition.

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