Senator Elizabeth Warren criticized the recently passed GENIUS Act, stating that the American people would suffer consequences due to its provisions regarding stablecoin legislation. Signed into law by President Donald Trump, the GENIUS Act aims to provide clarity for stablecoins, but Warren argued that it reflects undue influence from the crypto industry, which she claims has spent unprecedented amounts on lobbying. She drew parallels between this act and the Commodity Futures Modernization Act of 2000, suggesting that both instances allowed industries to draft their own regulations, leading to future economic crises. Warren emphasized the necessity for robust crypto legislation but cautioned against rapid, industry-driven legislative processes. She also echoed concerns from experts regarding the potential safety presumptions that could be miscommunicated to the public regarding stablecoins. Furthermore, Warren reiterated her discontent with Trump's actions related to the crypto sector, warning that they harm consumer protection and regulatory enforcement.

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