Senator Elizabeth Warren has criticized the recently passed GENIUS Act, which she claims will cost the American people. Signed into law by President Trump, the act clarifies regulations on stablecoins, leading to greater interest from banks and retailers. In an interview, Warren acknowledged the need for robust crypto regulations but argued that such industry-crafted legislation poses risks. She drew parallels to the Commodity Futures Modernization Act of 2000, suggesting it contributed to the 2008 financial crisis due to insufficient regulation. Warren voiced concerns over the crypto industry's lobbying efforts, which she claims allow it to effectively draft its own legislation. She warned that poorly devised regulations could lead to industry profits at the expense of the public, repeating patterns seen in past financial crises. Warren also highlighted the potential for prominent figures in the tech industry to exploit stablecoins for data tracking and competitive advantages, potentially leading to harmful consequences for consumers.

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