Senator Elizabeth Warren criticized the recently passed GENIUS Act, warning that the American public will bear the consequences of this new crypto legislation. Signed into law by President Trump, the act aims to clarify legal frameworks for stablecoins, sparking interest among banks and retailers. In an interview, Warren called for careful consideration in crypto regulation and condemned the influence of industry lobbying, likening it to past financial crises where industries drafted their own laws. She specifically compared the GENIUS Act to the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis. Warren expressed concerns over the potential for big businesses to misuse stablecoins, pointing out that regulations need to protect consumers and prevent industry abuses. She highlighted the dangers of under-regulated private stablecoins potentially leading to financial instability, similar to issues seen with traditional banks during crises.

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