Senator Elizabeth Warren criticized the recently passed GENIUS Act, asserting that American citizens will ultimately suffer from its implications. The act, enacted by President Donald Trump, clarifies the legal framework surrounding stablecoins, which has drawn increased attention from financial institutions. In an interview with Vanity Fair, Warren stressed the necessity of comprehensive crypto legislation but condemned the influence of the crypto industry in shaping the bill. She compared the GENIUS Act to the Commodity Futures Modernization Act of 2000, noting that weak regulations contributed to the 2008 financial crisis. Warren highlighted the extensive lobbying efforts by the crypto industry, arguing that these practices allow it to legislate for its own interests, jeopardizing public welfare. Warren also voiced concerns over potential abuses of stablecoins by billionaires, warning of the risks of market manipulation and data exploitation, reinforcing her long-standing skepticism towards the crypto currency sector.

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