Senator Elizabeth Warren criticized the recently passed GENIUS Act, claiming that the American people will face the consequences of the legislation. Although she acknowledged the need for comprehensive crypto legislation, she condemned the influence of the crypto industry in shaping the act, drawing parallels to the 2000 Commodity Futures Modernization Act, which is believed to have contributed to the 2008 financial crisis. Warren highlighted that the act, signed by President Trump, establishes a framework for stablecoin issuance and trading, potentially benefiting powerful players in the industry while leaving consumers unprotected. She noted the surge in crypto industry lobbying efforts and expressed concern that, much like the previous crisis, lobbying efforts are allowing industries to essentially draft their own regulations. This situation, Warren argued, could lead to financial instability akin to the earlier economic downfall, as essential consumer protections are overlooked in favor of industry interests.

Source 🔗