Sen. Elizabeth Warren criticized the recently passed GENIUS Act, declaring that the American people will face consequences as a result of this crypto legislation. She argued that while the U.S. needs strong crypto regulation, the act showcases the influence of industry lobbying, allowing the crypto sector to draft its own legislation. Warren drew comparisons to the Commodity Futures Modernization Act of 2000, which some blame for the 2008 financial crisis, suggesting that when industries write their own rules, it leads to negative outcomes for the public. She emphasized the need for proper oversight, expressing concerns over how easy it is for large firms to push through self-serving legislation that could lead to instability. Additionally, she shared worries about how the current regulatory framework might mask the risks associated with stablecoins, potentially leading to situations similar to past financial crises if not properly managed. Warren’s consistent stance against the crypto industry has been driven by her belief that unchecked innovation can exploit consumers and destabilize the financial system.

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