Senator Elizabeth Warren criticized the recently passed GENIUS Act, claiming that Americans will ultimately bear the consequences of the legislation designed by the crypto industry. Signed into law by President Trump, the act provides a regulatory framework for stablecoins but Warren argues it reflects the industry's undue influence on U.S. politics. She drew historical parallels to the Commodity Futures Modernization Act of 2000, which some credit with contributing to the 2008 financial crisis. Warren emphasized the need for strong crypto legislation but cautioned against bills that favor industry interests over consumer protection. She expressed concerns regarding the potential for private stablecoins to lead to financial instability, similar to previous financial crises. Overall, Warren advocates for regulations that protect the public and prevent wealthy interests from exploiting the system, urging lawmakers to carefully consider any crypto-related legislation before passing it.

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