Elizabeth Warren Slams GENIUS Act: ‘Worse Than No Bill at All’ for Crypto Rules

Main notes

• Warren argues that the Stablecoin bill gives priority to the coding industry profits on consumer protection and public safety.
• Senator compares legislation with the liberation of previous derivatives that contributed to the 2008 financial crisis.
• The Congress calls for bridging the organizational gaps before the new framework becomes completely operating.

American Senator Elizabeth Warren has sparked sharp criticism in the wake of the approval of the Genius Act, warning that this measure exposes ordinary Americans to new risks linked to the encrypted currency sector. The genius law – which abandons the “direction and creation of the national innovation of Stablecoins” – is equipped with the support of the two parties. However, Warren warned that her provisions lack the protection of consumers and the wider US economy.

Warren, who works for the Senate Banking Committee, I mentioned in a recent interview The genius law allows the stablecoin exporters to work with insufficient monitoring. She said that the mandatory requirements in the draft law – such as full reserves and monthly reviews – do not compensate for the gaps that the industry can exploit.

“While the Stablecoin Bill is strong as the best possible result, this weak bill is worse than the lack of a bill at all,” Warren said in another. The last statement. I claimed that the main details of the genius law were formed by the pressure groups in the industry in search of lighter lists for their products.

Warren warns of dangerous gaps that threaten consumers

Warren has focused many of her criticisms on the rulings that limit the regulatory control authorities, especially the Securities and Stock Exchange Committee (SEC) and the Ministry of Justice. Warren also stated that Trump has solved an enforcement unit in the Ministry of Justice and indicated that the Supreme Education Council would retract the application of encryption.

She pointed to the risk of stablecoins by foreign investors or speculation trading without the appropriate barriers in force to protect medium consumers from possible losses.

In short, Warren believes that the genius law will leave the American people on the hook if things get worse. It continues to highlight the risks that Stablecoins can shake from the stability of financial markets or facilitate fraud if it is not subject to strict federal regulations and censorship.

Senator links the draft encryption law to the potential financial crisis

Al -Senator also reported the conflict of potential interests between government officials with relations with digital assets. She warned that the passage of the draft law reflects an increasing influence from the coding groups on national policy, which leads to regulations that give priority to the company’s profits for public safety.

I mentioned that the encryption industry had written its legislation. When this happened in the past with the derivative industry, this led to the collapse of 2008, which led to the loss of 10 million Americans their homes and jobs.

Warren called on Congress to reconsider the law of the genius and close what dangerous gaps see before the new organizational structure became fully operating. She urged voters to maintain pressure on legislators, focusing on the fact that the economic consequences of weak control will be felt by ordinary Americans.

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