Senator Elizabeth Warren has criticized the recently passed GENIUS Act, which provides a regulatory framework for stablecoins in the U.S., claiming that the American people will face consequences from this legislation. While acknowledging the necessity for comprehensive crypto legislation, Warren contended that the act was crafted by the crypto industry itself, likening it to the Commodity Futures Modernization Act of 2000, which is seen as contributing to the 2008 financial crisis. She expressed concerns about the growing influence of the crypto lobby in Washington and its implications for future legislation. Warren emphasized the danger of allowing industries to write their own regulations, warning that such practices could lead to significant financial instability. She highlighted the urgency for crafting vigilant regulations, particularly regarding the potential for bank runs akin to those experienced with Silicon Valley Bank. Warren's remarks reflect her longstanding skepticism towards crypto legislation and advocacy for transparency and accountability within the financial sector.

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