Senator Elizabeth Warren has criticized the recently enacted GENIUS Act, warning that the American people will suffer the consequences. This act, which provides legal frameworks for stablecoins, has been propelled by significant crypto industry lobbying, a phenomenon Warren likens to the industry creating its own legislative agenda. She cautioned that the GENIUS Act mirrors the 2000 Commodity Futures Modernization Act, which some believe contributed to the 2008 financial crisis. Warren fears that the current trend will lead to regulatory oversights that could result in future crises associated with cryptocurrency. She expressed concerns that enabling the industry to draft laws could promote unsafe practices, potentially benefiting a few wealthy individuals while imposing risks on the broader public. Together with historical context, Warren's statements underscored the necessity for robust and cautious crypto regulation.

Source 🔗