Senator Elizabeth Warren has criticized the recently signed GENIUS Act, claiming that it could lead to negative consequences for the American people. The act provides a legal framework for stablecoins, prompting concern about the influence of the crypto industry on U.S. legislation. In an interview, Warren emphasized the need for well-thought-out crypto regulations, cautioning against hasty legislation shaped by industry interests. She likened the GENIUS Act to the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis by allowing unregulated derivatives. Warren expressed alarm at the scale of crypto lobbying in Washington and warned that if industries write their own legislation, the public ultimately suffers. She also reiterated her fears about potential abuses of power by billionaires launching stablecoins that could track purchases and manipulate data.

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