Senator Elizabeth Warren has criticized the recently passed GENIUS Act, suggesting that it represents a troubling trend in which the crypto industry drafts its own legislation. Signed into law by President Donald Trump, the GENIUS Act aims to establish a regulatory framework for stablecoins but has raised concerns among lawmakers about undue influence from industry lobbying. Warren drew comparisons to the Commodity Futures Modernization Act of 2000, which many scholars believe contributed to the 2008 financial crisis by allowing unregulated over-the-counter derivatives. She argued that history is repeating itself as the crypto sector secures legislation favorable to its interests. Warren highlighted the dangerous implications of crypto lobbyists shaping laws that could lead to exploitation, ultimately putting the financial stability of the American public at risk. She maintains that regulatory measures must be carefully crafted to protect consumers and ensure a transparent financial environment as billionaires could exploit these new systems for tracking purchases and data.

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