US lawmaker Warren criticizes stablecoin bill, urges Treasury to guard against Trump-related risks
Jinse Finance reported that U.S. Senate Banking Committee Democrat Elizabeth Warren criticized the "U.S. Stablecoin Innovation and Guidance Act" (GENIUS), signed by Trump this July, for its lax regulation, loopholes, and potential threats to financial stability and consumer interests. In a letter to the Treasury Department, Warren requested that the Treasury propose measures to address conflicts of interest involving Trump and his family, crack down on illegal financial activities, and prevent stablecoin trading from harming consumer interests. She mentioned the recent Paxos incident involving the minting of 3 trillion PYUSD, emphasizing that operational errors could pose significant risks, and suggested that Congress address the shortcomings of the GENIUS Act when formulating broader crypto market regulations.
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