US Congressman Warren criticizes stablecoin bill, urges Treasury Department to guard against Trump-related risks
2025-10-21 22:57:15
Elizabeth Warren, a Democrat on the U.S. Senate Banking Committee, criticized the Stablecoin Innovation and Guidance for America Act (GENIUS), which Trump signed into law in July, saying it has loose regulations and loopholes that could threaten financial stability and consumer interests. In her letter to the Treasury, Warren asked that the Treasury should propose measures to address conflicts of interest between Trump and his family, crack down on illegal financial activities, and prevent stablecoin transactions from harming consumer interests. She referred to the recent Paxos-minted 3 trillion-dollar PYUSD incident, emphasizing that operational errors could pose significant risks, and recommended that Congress fill in the gaps in the GENIUS Act when formulating broader crypto market regulations.
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