Elizabeth Warren Warns GENIUS Act Could ‘Blow Up Our Entire Financial System’ Without Tougher Rules
Senator Elizabeth Warren (D-Mass.) is urging the U.S. Treasury Department to strengthen oversight of the new stablecoin law signed by President Donald Trump, warning that the legislation could put consumers and the entire financial system at risk if left unchecked.
Warren Calls GENIUS Act a “Light-Touch” Framework
Warren, the top Democrat on the Senate Banking Committee, described the Guiding and Establishing Innovation for U.S. Stablecoins Act, known as the GENIUS Act — as a “light-touch regulatory framework for crypto banks.”
In a letter to Treasury Secretary Scott Bessent, she urged the department to adopt stricter enforcement measures to prevent corruption, financial instability, and conflicts of interest tied to Trump-linked ventures.
“It is critical that Treasury take steps to implement and enforce the law in a manner that limits severe risks to U.S. financial stability, consumers, taxpayers, and national security,” …
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