United States Senator Elizabeth Warren has voiced her concerns over a new cryptocurrency venture by former President Donald Trump. The initiative involves the launch of a stablecoin, which Warren describes as having significant implications for the stability of the financial system.
In her statement, Senator Warren emphasized, "This venture is Donald Trump's latest grift with major consequences for the stability of our financial system." She stressed that Congress must establish regulations to prevent what she calls a "scam."
Warren highlighted upcoming legislation known as the “GENIUS Act,” which she claims could allow Trump and entrepreneur Elon Musk to create stablecoins with minimal oversight. She noted, "But it’s not law yet – and the American people are counting on us to fix its fundamental flaws and safeguard their wallets, not make it easier for Trump and Musk to take control of our money."
The senator's remarks come amid ongoing debates in Washington regarding cryptocurrency regulation and its impact on economic security.