The crypto industry advocated for the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act to establish a regulatory framework for stablecoins, which are often tethered to the U.S. dollar and are less volatile than other forms of cryptocurrency, to help legitimize stablecoins for issuers and custodians.

A recent deal between an Emirati investment firm and a cryptocurrency company tied to the Trumps could endanger national security, Warren said.