Democratic Senator Elizabeth Warren criticized the recently passed GENIUS Act, stating that it could negatively affect the American people. The legislation, signed into law by President Trump, establishes a framework for stablecoins, leading to concerns about the crypto industry's influence on Washington. Warren contends that the industry wrote the legislation, drawing parallels to the Commodity Futures Modernization Act of 2000, which many believe contributed to the 2008 financial crisis. She emphasized the need for strong crypto legislation but warned against approving bills designed by the crypto industry itself, stating that when the government aligns with such industries, it leads to wealth concentration and public risk. Warren's views reflect broader concerns about potential regulatory shortcomings, citing potential dangers of private stablecoins linked to financial stability. Her comments highlight the ongoing debate on how effectively to regulate the burgeoning cryptocurrency market without undermining public safety.

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