Senator Elizabeth Warren has criticized the recently passed GENIUS Act, asserting that the American public will experience negative consequences due to the legislation, which she views as being influenced heavily by the crypto industry. While acknowledging the need for crypto regulation, Warren expressed concerns that the industry has effectively written legislation that benefits itself, akin to the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis. The GENIUS Act, signed by President Donald Trump, aims to provide a framework for stablecoins, and has prompted warnings from Warren about potential lobbying excesses and the dangers of inadequate regulation. The senator fears that the act may lead to significant abuse by major corporations, allowing them to exploit consumer data without appropriate oversight. By drawing historical parallels, Warren underscores the risk of failures similar to past financial crises when the government allows industries to self-regulate. Her statements reflect ongoing apprehensions about how legislation can intertwine with corporate influence in the financial sector.

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