Senator Elizabeth Warren has sharply criticized the recently enacted GENIUS Act, which she claims allows the crypto industry to write its own legislation, drawing uncomfortable parallels to the factors leading to the 2008 financial crisis. Signed into law by President Donald Trump, the GENIUS Act aims to establish legal clarity around stablecoins, which has attracted significant interest from banks and retailers. In an interview, Warren stated the U.S. requires robust crypto legislation but emphasized that rushing through industry-drafted bills is irresponsible. She referenced the Commodity Futures Modernization Act of 2000, which contributed to the 2008 crisis, warning that similar outcomes could arise if the government fails to regulate the emerging crypto sector adequately. Warren also expressed concerns about the influence of crypto industry lobbying on political processes, noting that their spending has reached unprecedented levels. She cautioned that a lack of thorough regulation could lead to abuse, especially by large corporations, potentially harming consumers and the economy.

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