Senator Elizabeth Warren criticized the recently passed GENIUS Act, which she argues was written by the crypto industry for itself, warning that the American public will face the consequences. Signed into law by President Donald Trump, the act provides a regulatory framework for stablecoins, a move supported by major banks and retailers. In an interview, Warren highlighted the need for comprehensive crypto legislation while cautioning against bills shaped by industry lobbying. She likened the situation to the Commodity Futures Modernization Act of 2000, which contributed to the 2008 financial crisis by allowing unregulated derivatives. Warren's concerns echo those of experts who warn that unregulated stablecoins could lead to bank runs, similar to the recent collapse of Silicon Valley Bank. She also reiterated her worries about potential abuses by major entities in the crypto space and criticized Trump’s ties to the industry and related legislation.

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