Senator Elizabeth Warren has criticized the recently passed GENIUS Act, stating that it is a detrimental piece of legislation that the American people will ultimately suffer for. The GENIUS Act, which was signed by President Trump, establishes a legal framework for stablecoins but has raised concerns over the influence of the crypto industry on U.S. politics. Warren emphasized the need for strong crypto regulation but warned against allowing the industry to draft legislation that benefits them. She drew historical parallels to the Commodity Futures Modernization Act of 2000, suggesting that like that bill, the GENIUS Act may lead to future economic issues. Her comments reflect a deep concern over big business profits at the expense of the public, highlighting the potential for private stablecoins to exploit consumer data. Furthermore, she pointed out the extensive lobbying efforts from the crypto sector, which she asserts have distorted regulatory intentions in Washington, echoing sentiments that are gaining traction among other economics experts.

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