Sen. Elizabeth Warren (D-Mass.) voiced her dissatisfaction with recent endorsements of cryptocurrency bills by Democratic lawmakers.
What Happened: During an interview with Vanity Fair, Warren expressed concern over the “bipartisan tradition of prioritizing industry interests” over public demands for a fair economy and affordable living.
“It's no surprise that industry has influence here in Washington—this is a town where money talks,” the senior lawmaker said.
Warren said that she supports “strong” cryptocurrency legislation, but warned against hastily passing bills that she describes as written by the industry.
Senators Angela Alsobrooks (D-Md.) and Adam Schiff (D-Calif.) were among the 18 Democrats who crossed the party line to vote for the GENIUS Act, also known as the stable coin bill, across party lines.
In the House, 102 Democrats supported the bill, including House Minority Leader Hakeem Jeffries (D-N.Y.). The bill passed both chambers, after which President Donald Trump signed it into law.
Warren once again targeted President Donald Trump, stating that voters elected him with the expectation of reduced costs, not to transform the White House into a “cryptocurrency cash machine.”
Why It Matters: Warren has been a persistent critic of the proposed cryptocurrency bills, particularly due to the Trump family’s ventures, such as the Official Trump (CRYPTO: TRUMP) meme coin and the USD1 dollar-pegged stable coin.
Earlier in July, she accused the cryptocurrency industry of wanting Trump to boost their products, similar to how he promoted Elon Musk’s cars.
Trump reported incomes exceeding $57 million from World Liberty Financial, the firm behind USD1, in his latest disclosure. Regarding the TRUMP meme coin, he has refuted claims of financial benefits from the venture.
Read Next:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock/Bryan J. Scrafford
