Sen. Elizabeth Warren criticized the newly enacted GENIUS Act, expressing concerns that it favors the crypto industry's interests at the expense of the American public. She emphasized the need for robust crypto legislation rather than industry-driven legislation which, as she warned, could lead to detrimental consequences reminiscent of the 2008 financial crisis. Warren highlighted how lobbying efforts from the crypto sector have surged, suggesting that the industry has been able to craft legislation that benefits itself. She drew parallels between the GENIUS Act and the 2000 Commodity Futures Modernization Act, which allowed certain financial products to evade regulation and was linked to the financial collapse. By characterizing the GENIUS Act as legislation written by the industry for the industry, Warren warned that such measures ultimately enrich a few while placing the financial burden on the broader population.

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