Senator Elizabeth Warren has criticized the recently enacted GENIUS Act, claiming it was crafted by the crypto industry and may endanger the American public. The act, signed into law by President Donald Trump, aims to regulate stablecoins but raises concerns about potential lobbying strong enough to allow the industry to write its own legislation. Warren likened the situation to the Commodity Futures Modernization Act of 2000, which some blame for contributing to the 2008 financial crisis. She emphasized that while the U.S. requires sound crypto legislation, it must not be dictated by industry interests. Warren argued that unchecked industry lobbying leads to wealth accumulation for a few while the general populace suffers. She also noted the risks associated with private stablecoins, such as lack of regulation that could result in significant economic distress. In her criticism, Warren pointed to the potential for stablecoins issued by billionaires to track consumer purchases and manipulate data, which could stifle competition and exploit everyday citizens.

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