Senator Elizabeth Warren criticized the recently passed GENIUS Act, claiming that it will negatively impact the American people. The act, signed into law by President Trump, provides a regulatory framework for stablecoins but has faced backlash for being influenced by the cryptocurrency industry's lobbying efforts. Warren emphasized that the U.S. needs comprehensive crypto legislation, but cautioned against passing bills designed by the industry without proper oversight. She drew parallels between the GENIUS Act and the Commodity Futures Modernization Act of 2000, which some argue contributed to the 2008 financial crisis by allowing risky financial products to operate without adequate regulation. Warren's critique highlights concerns over the increased lobbying spending by the crypto industry and the potential implications for consumer protection in the evolving digital asset landscape. Experts share her worries, suggesting that legislation providing a presumption of safety for stablecoins could lead to unregulated risks similar to past financial crises.

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