Warren Slams GENIUS Act as “Crypto Corruption” Bill, Warns of Trump Profiteering and Financial Collapse
Senator Elizabeth Warren (D-MA) criticized U.S. President Donald Trump’s crypto ventures on the Senate floor on Monday, warning the American public that the country could face a “financial meltdown triggered by crypto in...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Senator Elizabeth Warren (D-MA) criticized U.S. President Donald Trump’s crypto ventures on the Senate floor on Monday, warning the American public that the country could face a “financial meltdown triggered by crypto instability.”
Elizabeth Warren Warns of Financial MeltdownSpeaking ahead of the Senate’s successful procedural vote on the GENIUS Act on Monday, Warren criticized Congress for “aiding and abetting” the sitting U.S. president’s crypto “corruption” following the launch of Trump-affiliated World Liberty Financial’s USD1 stablecoin.
I’m on the Senate floor right now urging my colleagues to vote no on the GENIUS Act.
There is no excuse for Congress to pass a crypto bill that will turbocharge Trump’s corruption. https://t.co/qb8wWQ6PUA
“The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,” Warren said. “And, for the first time in American history, it also makes our president—Donald Trump—the regulator of his own financial product.”
The Democratic lawmaker cited the potential weakening of national security, financial stability, and consumer protection as drawbacks of the legislation, claiming that it could “directly lead to the next financial meltdown.”
“Make no mistake. We are likely to see another financial crisis in the coming years,” Warren said. “And we are virtually certain to see another set of wild swings in cryptocurrency values.”
Trump Crypto Connections Draw ScrutinyThe GENIUS Act advanced in the Senate in a 66-32 procedural vote on May 19, just two weeks after the bill failed to secure forward motion due to resistance from Democratic lawmakers amid growing concerns over Trump’s ties to the blockchain sector.
Reports emerged at the start of the month that USD1 would be used to finalize a deal between Abu Dhabi-based investment firm MGX and Binance, leading to increased political polarization between Democrats and Republicans.
Additionally, Trump’s May 22 exclusive gala dinner for the top 220 investors of his meme coin, $TRUMP, left Democrats further disillusioned.
Ranking Member of the House Financial Services Committee Maxine Waters (D-CA) walked out of a joint hearing on May 5 in protest of Trump’s “ownership of crypto” and oversight of federal agencies.
Monday’s procedural vote, however, will allow the bill to advance to a full vote on the Senate floor sometime after Memorial Day.
The post Warren Slams GENIUS Act as “Crypto Corruption” Bill, Warns of Trump Profiteering and Financial Collapse appeared first on Cryptonews.
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptonewsRelated market context
IMF Warns $65 Billion Tokenization Market Has a Dangerous Catch
Tokenized assets have climbed to $65 billion, but the technology promising to make Wall Street faster and cheaper carries an uncom...
A $5 billion Bitcoin fortune is at stake, but UK court says being defrauded isn’t enough to claim it
A London judge rejected Chinese fraud victims' bid to use English law to claim more than 61,000 seized Bitcoin. In an Oct. 12 ruli...
Metaplanet Plans ¥52 Billion Bond Sale to Refinance Bitcoin Loans
The company would replace some Bitcoin-collateralized borrowing with unsecured debt and devote up to ¥28.3 billion to share repurc...
USDC records $81.2 billion in DEX trading volume over 30 days
USDC's significant DEX trading volume highlights its pivotal role in decentralized finance, underscoring the growing reliance on s...
Crypto spot trading volume hits $696.7 billion in September as every major exchange grows
The surge in crypto spot trading volume indicates a renewed investor interest, potentially driving market volatility and regulator...
$900 billion asset manager Federated Hermes taps crypto infrastructure to bring tokenized funds to brokerages
This partnership could accelerate the integration of blockchain in traditional finance, potentially reshaping investment accessibi...