Senator Elizabeth Warren criticized the recently enacted GENIUS Act, emphasizing that it reflects the influence of the crypto industry on U.S. legislation. Signed into law by President Trump, the GENIUS Act establishes a regulatory framework for stablecoins, a move Warren argues could echo past financial crises. She expressed concerns that the crypto industry is writing its own rules, referencing the Commodity Futures Modernization Act of 2000 as a precedent for legislation that lacks proper oversight. Warren warned that such industry-designed bills could lead to negative repercussions for the general public. She highlighted the significant lobbying efforts from crypto companies, claiming they have exceeded previous records in Washington, fostering a trend where lawmakers cater to industry interests rather than consumer protection. Additionally, she reiterated her criticisms of the potential abuse of stablecoins by major corporations and the associated risks of unregulated financial products.

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