Sen. Elizabeth Warren has criticized the recently passed GENIUS Act, claiming it is a result of the crypto industry's overwhelming influence in U.S. politics. Signed into law by President Trump, the act establishes a framework for stablecoin issuance and trading, which has garnered significant attention from banks and retailers. In an interview, Warren argued that while strong crypto legislation is necessary, the current bill is a flawed attempt driven by industry interests. She compared it to the Commodity Futures Modernization Act of 2000, which she believes contributed to the 2008 financial crisis by allowing industries to write their own regulations. Warren's concerns reflect fears that industry-friendly legislation could lead to future economic instability and enable major corporations, including billionaires like Musk and Bezos, to misuse stablecoins. She emphasized that historical patterns of regulatory capture can lead to the wealth of a few at the expense of the public.

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