Senator Elizabeth Warren has criticized the recently passed GENIUS Act, claiming that it represents a dangerous trend in which the crypto industry writes its own legislation, potentially at the expense of the American people. Signed into law by President Donald Trump, this act establishes a regulatory framework for stablecoins, increasing their appeal to banks and retailers. While acknowledging the necessity for strong crypto regulation, Warren warns against hastily approving bills heavily influenced by industry lobbying, drawing parallels to the Commodity Futures Modernization Act of 2000, which contributed to the 2008 financial crisis. She expressed concern that such regulations could lead to financial instability and noted that without proper oversight, private stablecoin issuers might not be adequately regulated to prevent issues like bank runs.

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