Senator Elizabeth Warren has criticized the recently enacted GENIUS Act, warning that the American public will face negative consequences due to the influence of the crypto industry on US legislation. In an interview, Warren noted that while there is a need for effective crypto regulation, hastily passing industry-drafted bills could be detrimental. The GENIUS Act, which facilitates the issuance and trading of stablecoins, has been lauded by supporters including President Donald Trump, who signed it into law. Warren drew comparisons to the Commodity Futures Modernization Act of 2000, which is credited with contributing to the 2008 financial crisis by allowing derivatives to remain largely unregulated. She emphasized that the increasing lobbying by the crypto sector has empowered it to write its own legislation. Experts, like economics professor Sergi Basco, echo Warren's concerns, suggesting that the act could mistakenly create an assumption of safety around stablecoins without adequate regulation. Warren reiterated her long-standing position that such legislative moves ultimately benefit a select few while imposing costs on the general populace.

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