U.S. Senator Elizabeth Warren compared the lobbying efforts of the cryptocurrency industry to the legislative environment before the 2008 financial crisis. While acknowledging the necessity of a regulatory framework, she condemned what she called the industry's self-serving legislative approach.
The Massachusetts Senator specifically called out the GENIUS Act, arguing that it embodies cryptocurrency's attempt to establish favorable rules, and compared it to the Commodity Futures Modernization Act of 2000 - which many experts believe created the conditions for the 2008 market collapse. This criticism comes as Washington is striving to balance innovation and consumer protection in the digital asset market.
