Senator Elizabeth Warren has criticized the newly signed GENIUS Act, claiming it reflects undue influence from the crypto industry, and warns that this will cost the American people. The act aims to provide a clear framework for the issuance and trading of stablecoins and has sparked interest from financial institutions. In a recent interview, Warren acknowledged the necessity for robust crypto legislation but cautioned against bills designed by industry insiders. She likened the GENIUS Act to the Commodity Futures Modernization Act of 2000, which contributed to the 2008 financial crisis due to the lack of regulation on over-the-counter derivatives. Warren emphasized that when industries can draft their own regulations, it benefits a small number of wealthy individuals while harming the broader public. She reiterated concerns about stablecoins being potentially used to exploit consumer data and maintain market dominance by tech giants. Additionally, she highlighted significant increases in crypto industry lobbying spending as a troubling trend in U.S. politics.

Source 🔗