Senator Elizabeth Warren (D-MA) has voiced strong criticism of the recently passed GENIUS Act, claiming that it represents the crypto industry writing its own legislation and will ultimately lead to negative consequences for the American public. The GENIUS Act, which provides a framework for stablecoin issuance and trading, was signed into law by President Donald Trump. Warren emphasized the necessity of robust crypto regulation but condemned the quick passage of industry-driven bills. She drew parallels to the Commodity Futures Modernization Act of 2000, which is believed to have contributed to the 2008 financial crisis by allowing significant unregulated financial activities. Warren highlighted that the influence of the crypto industry on lobbying has reached unprecedented levels, resembling past failures when industries crafted their regulations, leading to greater wealth inequality and risk for the general public. She reiterated concerns that stablecoins might be misused by large corporations to control consumer data and limit competition.

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