Senator Elizabeth Warren criticized the recently passed GENIUS Act, suggesting it could lead to negative consequences for the American public. She expressed concerns regarding the influence of the crypto industry on US policy, arguing that the act represents the industry's attempt to shape its own regulatory environment. Warren drew parallels between the GENIUS Act and the Commodity Futures Modernization Act of 2000, which is seen as a contributor to the 2008 financial crisis due to the unregulated nature of over-the-counter derivatives. She emphasized the necessity for robust crypto legislation but cautioned against hasty adoption of bills crafted by industry lobbyists. Warren further stated that the crypto industry's lobbying efforts have surged, effectively allowing it to dictate legislation that lacks sufficient safeguards for consumers. She warned that if big businesses are given too much leeway, the risks could disproportionately affect ordinary Americans, as those with power would benefit at their expense.

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