PANews reported on October 22nd that, according to The Block , Senator Elizabeth Warren sent a letter to Treasury Secretary Scott Bessent , calling the GENIUS Stablecoin Act "light on regulation" and demanding detailed implementing rules to mitigate risks to financial stability, consumer protection, and national security. The law requires stablecoins to be backed by 100% US dollars or equivalent highly liquid assets, annual audits for issuers with a market capitalization exceeding $ 50 billion, and guidelines for foreign issuance. Warren singled out the potential conflicts of interest of the Trump -linked World Liberty Financial USD and mentioned the Paxos incident, which mistakenly minted $ 3 trillion in PYUSD due to technical issues. She urged the Treasury to propose anti-money laundering and operational risk measures and address regulatory gaps in broader crypto legislation.PANews reported on October 22nd that, according to The Block , Senator Elizabeth Warren sent a letter to Treasury Secretary Scott Bessent , calling the GENIUS Stablecoin Act "light on regulation" and demanding detailed implementing rules to mitigate risks to financial stability, consumer protection, and national security. The law requires stablecoins to be backed by 100% US dollars or equivalent highly liquid assets, annual audits for issuers with a market capitalization exceeding $ 50 billion, and guidelines for foreign issuance. Warren singled out the potential conflicts of interest of the Trump -linked World Liberty Financial USD and mentioned the Paxos incident, which mistakenly minted $ 3 trillion in PYUSD due to technical issues. She urged the Treasury to propose anti-money laundering and operational risk measures and address regulatory gaps in broader crypto legislation.
US Senator Warren criticizes the stablecoin bill GENIUS and urges the Treasury to fill regulatory gaps
PANews reported on October 22nd that, according to The Block , Senator Elizabeth Warren sent a letter to Treasury Secretary Scott Bessent , calling the GENIUS Stablecoin Act "light on regulation" and demanding detailed implementing rules to mitigate risks to financial stability, consumer protection, and national security. The law requires stablecoins to be backed by 100% US dollars or equivalent highly liquid assets, annual audits for issuers with a market capitalization exceeding $ 50 billion, and guidelines for foreign issuance. Warren singled out the potential conflicts of interest of the Trump -linked World Liberty Financial USD and mentioned the Paxos incident, which mistakenly minted $ 3 trillion in PYUSD due to technical issues. She urged the Treasury to propose anti-money laundering and operational risk measures and address regulatory gaps in broader crypto legislation.
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