Senator Elizabeth Warren has criticized the newly passed GENIUS Act, claiming it will negatively impact the American public. Signed into law by President Donald Trump, this act aims to clarify the legal status of stablecoins and establish a framework for their issuance and trading. While acknowledging the necessity for robust crypto legislation, Warren expressed concern that the legislation is predominantly shaped by industry interests. Drawing historical parallels, she noted that this scenario resembles the Commodity Futures Modernization Act of 2000, which contributed to the 2008 financial crisis. Warren emphasized that extensive lobbying by the crypto sector has led to it drafting legislation that could favor a few wealthy individuals while burdening the general populace. She warned that if government regulations prioritize industry profit, it could pave the way for economic instability, similar to past financial failures. Furthermore, concerns over the potential for major figures in the industry to misuse stablecoins for profit and data exploitation add to her apprehension regarding the impacts of the new regulation.

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