PANews reported on July 26 that according to Decrypt, US Senator Elizabeth Warren criticized the lobbying activities of the cryptocurrency industry and compared it to legislation on the eve of the 2008 financial crisis. US Senator Warren acknowledged the need for cryptocurrency legislation, but also criticized the industry's influence on US politics. She claimed that the "Genius Act" is an example of the cryptocurrency industry "making its own legislation." She compared it to another bill, the Commodity Futures Modernization Act of 2000, which may have indirectly affected the 2008 financial crisis.