U.S. Senator Warren slams GENIUS Act as industry-driven law that endangers public

U.S. Senator Elizabeth Warren has sharply criticized the recently passed GENIUS Act, warning that the American public will “pay the price” for what she describes as industry-driven legislation, Decrypt reported. While acknowledging the need for strong crypto regulation, Warren argued that the bill was pushed through under intense crypto industry lobbying, effectively allowing the sector to write its own rules. She compared it to the Commodity Futures Modernization Act of 2000, which she said contributed to the 2008 financial crisis by deregulating derivatives. Warren also expressed concern that the GENIUS Act gives stablecoins a misleading presumption of safety and could increase the risk of future bank runs.