Senator Elizabeth Warren has criticized the recently passed GENIUS Act, which provides a legal framework for stablecoins in the U.S., claiming it is a result of the crypto industry's lobbying efforts. In an interview, she emphasized that while the country needs effective crypto legislation, allowing the industry to draft its own bills could lead to negative consequences, recalling the 2008 financial crisis linked to weak regulation of derivatives. Warren argued that crypto industry lobbying has reached unprecedented levels, allowing the sector to shape its own legislation, paralleling the Commodity Futures Modernization Act of 2000. This has raised concerns that when industries influence regulations, the financial burden falls on ordinary Americans, not just the wealthy elite. Warren also expressed alarm over the potential for large corporations to exploit stablecoins to track consumer behavior and undermine competition. Her criticism extends to the ties between the Trump family and the crypto industry, urging caution about the implications of new stablecoin legislation.

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