Senator Elizabeth Warren criticized the recently passed GENIUS Act, warning that the American people will bear the consequences of this legislation. Signed into law by President Donald Trump, the act aims to clarify the legal framework for stablecoins, prompting concerns over the influence of the crypto industry on US politics. Warren noted that the industry had too much sway in shaping such legislation, drawing parallels with the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis. She expressed the need for rigorous crypto regulation, arguing that reckless legislation could enrich a few at the expense of the public. Furthermore, she highlighted concerns over potential abuses by major corporations in stablecoin issuance and emphasized the lack of sufficient regulation to prevent bank runs akin to those seen with Silicon Valley Bank. Warren's critique reflects a broader skepticism regarding the rapid integration of crypto into the US economy without adequate oversight.

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