Senator Elizabeth Warren has expressed serious concerns about the impact of cryptocurrencies on the U.S. economy, highlighting the need for stricter regulation in the sector.
Criticism of Crypto Legislation
Warren harshly criticized major crypto legislative efforts, stating that the proposed measures do not provide sufficient consumer protection. She pointed out that legislation written by industry lobbyists is not robust enough: "They also don't put enough safeguards in place for consumer protection... and guardrails to make sure that crypto isn't used to blow up our entire economy."
Prolonged Voting in the House
Recently, the House passed a procedural measure to advance a package of three crypto bills (the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act) after a record-breaking 10-hour vote, which became the longest in the history of the U.S. Congress.
Concerns Regarding the Federal Reserve
Warren also expressed concerns about the independence of the U.S. Federal Reserve amidst rumors of potential ousting of Chair Jerome Powell. She emphasized that, while she disagrees with his policies, firing him would be illegal.
Senator Warren continues to raise important questions regarding the regulation of the cryptocurrency sector, emphasizing the potential risks to the U.S. economy if adequate measures are not taken.
