Senator Elizabeth Warren has expressed strong criticism of the recently enacted GENIUS Act, warning that it could lead to negative consequences for the American public. The legislation, which provides a framework for the issuance and trading of stablecoins, was signed into law by President Donald Trump. While Warren recognizes the need for robust crypto regulation, she argues that the industry's influence on the legislation is problematic, likening it to past financial failures such as the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis. Warren's concern rests on the potential power of major financial players, citing the risk that they may create legislation that benefits them at the expense of consumers. She emphasizes the historical pattern of industries crafting favorable regulations and warns that unchecked crypto lobbying could undermine public trust and safety. Her comments highlight a wider call for more transparent and responsible regulatory practices in the evolving crypto landscape.

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