🇺🇸 Democratic Senator Elizabeth Warren criticized the **GENIUS** stablecoin law.
- The law was written under the dictation of the crypto industry, serving its interests—just as banks once pushed for deregulation of derivatives, which ultimately led to the 2008 crisis.
- Crypto lobbying is breaking records, allowing companies to push favorable regulations through Congress.
- The main risk is the illusion of safety. Users may assume all stablecoins are secure, though even U.S. bonds aren’t crash-proof—take SVB (Silicon Valley Bank) as an example.
- Warren also accused Trump of weakening crypto market oversight, including shutting down the DOJ’s crypto division and pressuring the SEC.
- According to her, figures like Musk, Bezos, and Zuckerberg could launch their own stablecoins, track people’s spending, and eliminate competitors.