Massachusetts Senator Elizabeth Warren, known for her criticism of cryptocurrencies, has once again drawn attention, stating that the GENIUS Act, which regulates stablecoins, could provoke a financial crash in the U.S. In a recent interview with Vanity Fair, she compared this law to the deregulation of derivatives that led to the 2008 crisis, when 10 million Americans lost their homes. Warren argues that the GENIUS Act, passed with bipartisan support, contains loopholes that allow stablecoins to create risks to financial stability. She emphasized that weak oversight and the influence of crypto industry lobbyists put ordinary citizens at risk.
The senator also accused President Trump of using his position to enrich himself through cryptocurrency projects, such as the stablecoin $USD1 . In her opinion, the law exacerbates corruption by allowing large tech companies, such as Elon Musk's X, to issue their own currencies without proper oversight. Warren urged Congress to revisit the legislation to avoid a repeat of economic collapse. Her position reflects concerns about national security and consumer protection from fraud.
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