Senator Elizabeth Warren has criticized the GENIUS Act, a recently signed legislation designed to regulate stablecoins, stating that the American public will ultimately bear the consequences of such laws. In an interview, Warren acknowledged the necessity for crypto legislation while condemning the influence of the crypto industry on U.S. politics. She argued that the act was drafted with significant input from the industry, drawing parallels to the 2000 Commodity Futures Modernization Act, which many believe contributed to the 2008 financial crisis. Warren expressed concern about the lobbying spending from the crypto sector, claiming it was unprecedented and allowed the industry to effectively create its own laws. She articulated that when the government aligns too closely with specific industries, it leads to wealth for a select few at the cost of average Americans, highlighting fears that stablecoins could soon be controlled by major corporations, potentially endangering consumer data and market competitors.

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