Sen. Elizabeth Warren, D-Mass., warned from the Senate floor on Monday that the GENIUS Act — which would tie stablecoins, the private analog to central bank digital currencies, to a 1-to-1 ratio with “Federal Reserve notes” — would lead to a “financial meltdown” the likes of which would comparable to the “2008 financial crash.”
Warren began her floor speech with a lengthy criticism of President Donald Trump, suggesting he stands to benefit financially if the bill passes, before getting to the concern of how it could affect the country.
“A financial meltdown, triggered by crypto instability, is not some alarmist fever dream,” Warren said. “In fact, it nearly happened just a few years ago. Crypto markets abruptly lost $2 trillion — that’s trillion with a ‘T’ — after the collapse of several major firms. In 2022, two of the largest stablecoins failed to maintain their pegs.”
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