Senator Elizabeth Warren has criticized the recently passed GENIUS Act, claiming that the American public will suffer from its implications. This new legislation, signed by President Trump, aims to provide legal clarity for stablecoins, creating a framework for their issuance and trading. Warren associates the act with heavy lobbying by the crypto industry, arguing that such industry-influenced legislation is a repeat of past mistakes that led to significant economic crises, like the financial crisis of 2008. She believes that the bill allows crypto firms to pen their own regulations, jeopardizing financial security. Warren emphasizes the need for comprehensive crypto legislation that protects the public, warning that the regulatory environment shaped by industry interests could lead to financial instability. The senator recalls the Commodity Futures Modernization Act of 2000, which had unfavorable consequences, as a cautionary tale. Advocating for better regulation, she suggests that hastily approved industry bills can lead to the concentration of wealth among the few while leaving ordinary citizens to bear the consequences.

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