Senator Elizabeth Warren has criticized the newly passed GENIUS Act, warning that the American public will 'pay the price' for this significant piece of crypto legislation. Signed into law by President Trump, the act establishes a regulatory framework for stablecoins, prompting concerns about the influence of crypto lobbyists on U.S. politics. Warren emphasized the necessity of proper crypto legislation but cautioned against allowing the industry to draft its own regulations. She drew parallels to the Commodity Futures Modernization Act of 2000, which contributed to the 2008 financial crisis, suggesting that when industries shape legislation, it can lead to detrimental outcomes for the general public. Warren's critiques include concerns over unregulated private stablecoins, which could potentially facilitate abuses by wealthy corporations. She continues to advocate for a thorough examination of the implications of crypto legislation to prevent potential economic fallout.

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