TechFlow, October 22 — According to The Block, Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, sharply criticized the GENIUS Act—formally known as the Guiding Emerging National Innovation Using Stablecoins Act—in a letter to Treasury Secretary Scott Bessent. She described the legislation, signed into law months ago, as a "light-touch regulatory framework for crypto banks." Warren urged the Treasury Department to close loopholes in the bill, address potential conflicts of interest related to the Trump family-operated World Liberty Financial USD stablecoin, and strengthen regulations concerning consumer protection and financial stability. She specifically referenced Paxos' recent accidental minting of $3 trillion worth of PYUSD stablecoins, highlighting the serious risks operational errors pose to market integrity and financial stability. Meanwhile, bipartisan lawmakers plan to meet separately with cryptocurrency industry executives on Wednesday to discuss a broader cryptocurrency market structure bill.
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