Senator Elizabeth Warren has criticized the recently signed GENIUS Act, asserting that it will have negative consequences for the American public. This legislation, aimed at regulating stablecoins, was signed into law by President Trump, allowing for their issuance and trading, which many view as a potential integration of cryptocurrency into the U.S. economy. Warren highlighted the excessive influence of the crypto industry on U.S. politics, arguing that lobbying efforts from the sector led to a situation where it essentially crafted its own legislation. She drew parallels to the Commodity Futures Modernization Act of 2000, which some analysts believe contributed to the 2008 financial crisis. Warren underscored the importance of establishing effective crypto regulations and warned that rushed, industry-favored bills could harm consumers. She expressed concerns over potential misuse of stablecoins by influential figures in business, suggesting they might exploit user data and limit competition. Warren maintained that historical precedents should inform contemporary legislation to protect the public interest.

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