Senator Elizabeth Warren has criticized the recently signed GENIUS Act, stating that the American public will “pay the price” for the legislation designed to regulate stablecoins. Signed into law by President Trump, the act establishes a framework for the issuance of stablecoins, a move that Warren finds problematic due to the influence of crypto industry lobbying on U.S. politics. She compared the act to the Commodity Futures Modernization Act of 2000, suggesting that it may lead to similar negative consequences as those seen during the 2008 financial crisis, where a lack of regulation was pivotal. Warren expressed the necessity for strong crypto legislation but emphasized that it should not be crafted by the industry itself. The senator's comments underscore ongoing concerns regarding the potential risks associated with unregulated financial products and the consequences for average Americans. Past associations of the industry with lobbying and legislation that favors its interests create unease about comprehensive crypto reforms. Warren also reaffirmed her opposition to Trump's approaches to crypto regulation, voicing concerns about potential abuses and the integration of major companies into the stablecoin ecosystem, which could compromise consumer data and competition.

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