Senator Elizabeth Warren has once again emphasized the need for stricter cryptocurrency regulation, highlighting the risk of corruption and the influence of the industry on legislation.
Warren on the Need for Regulation
In a recent MSNBC interview, Elizabeth Warren expressed concerns about the necessity of comprehensive cryptocurrency regulation. She noted that current regulations put the American economy at risk and facilitate corruption among politicians.
"We need crypto regulation," Warren stated. "But we don’t need the regulation written by the crypto industry." She warned that allowing the sector to shape its own rules opens the door to unchecked corruption, especially when elected officials profit from it.
New Initiatives and Legislation
Warren focused not only on halting harmful bills but also on shaping stronger legislation. She mentioned her opposition to the new GENIUS Act, a stablecoin initiative, and emphasized the need for more thorough amendments to market structure laws. According to her, this would help address deficiencies in supervision and risk management.
Cryptocurrency Industry Response
Despite her criticisms, some in the cryptocurrency industry regarded Warren's comments as a positive sign. In a tweet, Paradigm VP of Regulatory Affairs Justin Slaughter agreed with her statements on the necessity of crypto regulation and indicated there might be hope for a constructive dialogue instead of a blanket rejection.
As cryptocurrency becomes further entangled with national politics and finance, Warren's call for independent and strong oversight—free from industry influence—is aimed at protecting consumers and stabilizing the financial system.
