Senator Elizabeth Warren (D-MA) criticized U.S. President Donald Trump’s crypto ventures on the Senate floor on Monday, warning the American public that the country could face a “financial meltdown triggered by crypto instability.”
Elizabeth Warren Warns of Financial Meltdown
Speaking ahead of the Senate’s successful procedural vote on the GENIUS Act on Monday, Warren criticized Congress for “aiding and abetting” the sitting U.S. president’s crypto “corruption” following the launch of Trump-affiliated World Liberty Financial’s USD1 stablecoin.
“The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,” Warren said. “And, for the first time in American history, it also makes our president—Donald Trump—the regulator of his own financial product.”
The Democratic lawmaker cited the potential weakening of national security, financial stability, and consumer protection as drawbacks of the legislation, claiming that it could “directly lead to the next financial meltdown.”
“Make no mistake. We are likely to see another financial crisis in the coming years,” Warren said. “And we are virtually certain to see another set of wild swings in cryptocurrency values.”
Trump Crypto Connections Draw Scrutiny
The GENIUS Act advanced in the Senate in a 66-32 procedural vote on May 19, just two weeks after the bill failed to secure forward motion due to resistance from Democratic lawmakers amid growing concerns over Trump’s ties to the blockchain sector.
Reports emerged at the start of the month that USD1 would be used to finalize a deal between Abu Dhabi-based investment firm MGX and Binance, leading to increased political polarization between Democrats and Republicans.
Additionally, Trump’s May 22 exclusive gala dinner for the top 220 investors of his meme coin, $TRUMP, left Democrats further disillusioned.
Ranking Member of the House Financial Services Committee Maxine Waters (D-CA) walked out of a joint hearing on May 5 in protest of Trump’s “ownership of crypto” and oversight of federal agencies.
Monday’s procedural vote, however, will allow the bill to advance to a full vote on the Senate floor sometime after Memorial Day.
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