Senator Elizabeth Warren has criticized the newly passed GENIUS Act, asserting that the American public will suffer due to this legislation. Signed into law by President Donald Trump, the GENIUS Act aims to provide clarity for stablecoins but has drawn skepticism from Warren, who argues that the crypto industry is overly influential in shaping its own regulations. She likened the act to the Commodity Futures Modernization Act of 2000, which is viewed as a contributor to the 2008 financial crisis by allowing the derivatives market to remain mostly unregulated. Warren contends that the crypto sector's lobbying efforts have become unprecedented, contributing to legislation that primarily benefits a select few, while the broader public bears the consequences. She emphasized the necessity for rigorous regulation in the crypto space, warning that without proper oversight, the financial system could face significant risks similar to past economic downturns. Warren's concerns resonate with those of experts who believe that unstable regulations surrounding stablecoins could lead to crises akin to banking failures.

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