Senator Elizabeth Warren criticizes the GENIUS stablecoin bill.

robot
Abstract generation in progress

Elizabeth Warren, leader of the Democratic Party on the Senate Banking Committee, criticized the GENIUS stablecoin bill signed into law by President Donald Trump, calling it a “light regulatory framework for crypto banks” and urged the Treasury Department to fill the gaps to protect consumers and limit conflicts of interest related to Trump.

Warren emphasized that GENIUS does not have sufficient measures to ensure financial stability and manage operational risks, citing the Paxos incident of mistakenly minting 3,000 billion PYUSD tokens. She urged the Treasury to produce a specific plan to combat fraud, ensure transparency, and propose the necessary powers from Congress to address risks in the stablecoin market.

This is part of the effort of Democratic and Republican Senators to draft broader legislation to regulate the entire crypto industry, with upcoming meetings with crypto business leaders.

PYUSD0.06%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)