{"id":38913,"date":"2025-07-26T12:32:10","date_gmt":"2025-07-26T12:32:10","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=38913"},"modified":"2025-07-26T12:32:10","modified_gmt":"2025-07-26T12:32:10","slug":"senator-warren-slams-crypto-industry-designed-bills-says-american-people-will-pay-the-price","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=38913","title":{"rendered":"Senator Warren Slams Crypto \u2018Industry-Designed\u2019 Bills, Says American People Will \u2018Pay The Price\u2019"},"content":{"rendered":"
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US Senator Elizabeth Warren has slammed the Trump administration and the recently passed crypto bill focusing on stablecoin regulation, arguing that the American people will pay the price for \u201cindustry-designed\u201d legislation.<\/p>\n

US Lawmakers Must Get Legislation Right<\/h2>\n

In a Vanity Fair interview<\/a>, Democratic Senator Elizabeth Warren criticized the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act,\u00a0which was signed into law by President Donald Trump a week ago during the House of Representatives\u2019 \u201cCrypto Week.\u201d<\/p>\n

Introduced in February by Republican Senator Bill Hagerty, the GENIUS Act establishes a framework that will allow stablecoins to fall under the Federal Reserve Rules, creating a \u201csafe and pro-growth\u201d regulatory structure to advance the US digital assets industry.<\/p>\n

When asked about the number of Democrats who supported the bill<\/a>, Warren explained that \u201cthere\u2019s been a long, bipartisan tradition of helping out industry instead of doing what the American people have called for: unrigging the economy and making life more affordable.\u201d<\/p>\n

The crypto-skeptic senator affirmed that she agrees that strong digital assets legislation is needed, but that pushing what she deems \u201cindustry-designed\u201d bills is a mistake. \u201cIf we\u2019re going to ratify a sweeping crypto regulatory framework, we need to get it right,\u201d she argued.<\/p>\n

According to the senator, the industry\u2019s \u201cinfluence\u201d in Washington was expected, as it is a city where \u201cmoney talks.\u201d As reported by Bitcoinist, Super Political Action Committees (PACs) have spent hundreds of millions over the past few years.<\/p>\n

A recent report revealed<\/a> that Fairshake, the largest Super PAC, and its affiliates invested around $136 million in supporting nearly 60 pro-crypto candidates during the 2024 election cycle, and \u201care well-prepared for the 2026 midterms, boasting over $100 million in resources.\u201d<\/p>\n

Warren asserted that the sectors\u2019 spending on lobbying has \u201cblown through anything that Washington has seen before,\u201d which resulted in the digital assets industry writing \u201cits own legislation.\u201d<\/p>\n

Warren compared the GENIUS Act to the Commodity Futures Modernization Act of 2000, affirming that when Washington works for industries, only a handful of people get rich, while the American people \u201cpay the price.\u201d<\/p>\n

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We\u2019ve seen that movie before, when the industry writes its own legislation. (\u2026) When the derivatives industry (\u2026) came to Washington and said, \u2018Here\u2019s a bill, please regulate us,\u2019 and handed the legislators a bill that weakly regulated the industry and gave it the appearance of the US government\u2019s backing. The consequence was the crash of 2008 that cost 10 million American families their homes and more their jobs and their savings.<\/p>\n<\/blockquote>\n

Sen. Warren Slams Trump\u2019s Crypto Pivot<\/h2>\n

Warren also reaffirmed her stance on the Trump administration\u2019s shift to pro-industry legislation to allegedly benefit himself. To the Democratic senator, the US President is \u201cusing the presidency to enrich himself through crypto, and he\u2019s doing it in plain sight.\u201d<\/p>\n

Previously, she raised concerns<\/a> about President Trump\u2019s crypto ventures, arguing that they could pave the way for potential \u201ccrypto corruption.\u201d In May, the lawmaker urged Congress to reject the GENIUS Act despite bipartisan efforts to amend the legislation to address the concerns of Senate Democrats.<\/p>\n

During the interview, Warren also criticized the US President for appointing industry insiders to \u201crun crypto policy,\u201d disbanding the Department of Justice\u2019s (DOJ) enforcement unit, and asking the Securities and Exchange Commission (SEC) to pivot from its \u201cregulation by enforcement\u201d approach from the previous administration.<\/p>\n

\u201cPeople who voted for Trump sent him to the White House because he promised lower costs on day one\u2014not to turn the White House into a crypto cash machine,\u201d she concluded.<\/p>\n

Despite the senator\u2019s concerns, some industry players consider<\/a> that the regulatory shift and the GENIUS Act will be positive for the American digital assets industry. MARA Holdings CEO, Fred Thiel, recently stated that the recently passed legislation shows the US is taking a leadership position globally, and it will be \u201cvery helpful for providing trust\u201d to the sector while allowing the market to \u201cmove much freer.\u201d<\/p>\n

\"crypto,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

US Senator Elizabeth Warren has slammed the Trump administration and the recently passed crypto bill focusing on stablecoin regulation, arguing that the American people will pay the price for \u201cindustry-designed\u201d legislation. US Lawmakers Must Get Legislation Right In a Vanity Fair interview, Democratic Senator Elizabeth Warren criticized the Guiding and Establishing National Innovation for US […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-38913","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38913"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38913\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}