Senator Elizabeth Warren criticized the recently passed GENIUS Act, claiming it was written by the crypto industry itself and would ultimately cost the American public. Signed into law by President Donald Trump, the GENIUS Act establishes a framework for stablecoin trading in the U.S., increasing interest from banks and retailers. Warren emphasized the need for strong crypto legislation but cautioned against allowing industry-driven bills to pass unchecked, drawing historical parallels to the Commodity Futures Modernization Act of 2000, which contributed to the 2008 financial crisis. She expressed concern over the crypto industry's lobbying efforts, which she stated have surpassed previous levels in Washington, enabling the industry to draft its own legislation. Warren warned that without proper oversight and regulation, the GENIUS Act could enable large corporations to misuse stablecoins, potentially harming consumers and fostering economic disparity.

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