Senator Elizabeth Warren has expressed strong criticism of the recently enacted GENIUS Act, stating that the American public will 'pay the price' for this legislation concerning cryptocurrencies. Signed into law by President Trump, the act offers legal clarity for stablecoins and establishes a framework for their issuance and trading. Warren emphasized the need for robust crypto legislation but criticized the act as being heavily influenced by the crypto industry's lobbying efforts, warning that this could lead to negative consequences akin to those seen during the 2008 financial crisis linked to the Commodity Futures Modernization Act of 2000. Warren highlighted the unusual spending on lobbying by the crypto industry and drew parallels to previous regulatory failures, underscoring concerns that a regulatory framework shaped by industry interests could prioritize profitability over consumer protection. She reiterated her long-standing apprehension that stablecoins could potentially be misused by large corporations to exploit consumer data and edge out competition. Overall, Warren calls for a more sensible regulatory approach to the burgeoning crypto market.

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