Senator Elizabeth Warren has criticized the recently passed GENIUS Act, claiming it allows the crypto industry to write its own legislation and could have negative consequences for the American people. The act, which provides a framework for stablecoins, was signed into law by President Donald Trump. Warren highlighted her concerns over the industry's influence on politics and drew parallels with the Commodity Futures Modernization Act of 2000, which some believe contributed to the 2008 financial crisis. She expressed the need for robust crypto regulation, warning of the risks that come with bills designed by the industry itself. Warren argued that the government should not be working for the interests of a few wealthy individuals at the cost of the general public. Additionally, she reiterated her beliefs that stablecoins might be exploited by major corporations for data tracking and market dominance. Warren's remarks were echoed by experts who pointed out potential risks associated with assuming safety in newly legislated financial products.

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