Senator Elizabeth Warren criticized the recently passed GENIUS Act, claiming that American citizens will suffer consequences as a result. She highlighted the need for strong crypto legislation but argued that bills designed by the crypto industry, like the GENIUS Act, can be detrimental. Warren compared this situation to the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis due to inadequate regulation of over-the-counter derivatives. She accused the crypto industry of excessive lobbying, allowing it to craft favorable legislation for itself. Warren emphasized the risks associated with stablecoins, cautioning that the presumption of safety given to them under new legislation could lead to issues similar to past financial crises. Her concerns reflect a broader caution about the integration of such cryptocurrencies into the financial system, stressing that wealth accumulation in the sector could ultimately burden ordinary Americans.

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