Senator Elizabeth Warren criticized the recently enacted GENIUS Act, asserting that it will cost Americans due to the crypto industry's influence over U.S. legislation. The act, which provides a framework for stablecoins, was signed by President Donald Trump, and Warren argued it exemplifies how the industry essentially wrote its own rules. She drew parallels to the Commodity Futures Modernization Act of 2000, which some experts believe contributed to the 2008 financial crisis by allowing unregulated derivatives. Warren emphasized the importance of strong regulatory frameworks but warned against laws tailored to benefit specific sectors, suggesting that such dynamics lead to significant economic repercussions for the public. Additionally, Warren expressed concerns about the lobbying spending of the crypto industry, likening it to past financial crises facilitated by inadequate oversight. While recognizing the need for regulation in the crypto space, she urged caution in delivering power to an industry that may exploit such legislation.

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