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Senator Warren Urges US Government To Take Action Against Cryptos

Senator Warren Urges US Government To Take Action Against Cryptos
  • In a letter, Elizabeth Warren urges the US government to take action against cryptos.
  • She urges Yellen to bring about a “coordinated and holistic” answer to the risks of crypto.

Elizabeth Warren mentioned Decentralized Finance, crypto-enabled cyber attacks, and threats that stablecoins pose as risks to the financial system in a letter to Treasury Secretary Janet Yellen.

It’s been 2 months now since she compared cryptos to wildcats in notes issued in the past. It was during a hearing on digital currencies. More so, it was the first time that U.S. lawmakers put Bitcoin on trial in a Senate CBDC Hearing.

However, the U.S lawmaker is back again. But this time she is going a bit hard on the crypto industry. She is urging the government to form a regulatory strategy to decrease the growing risks that cryptos pose to the financial system.

In addition, Warren wrote an open letter to U.S. Treasury Secretary Janet Yellen on July 26. In the letter, she urged the Financial Stability Oversight Council (FSOC) Yellen to bring about a “coordinated and holistic” answer to the risks of crypto.

The longtime crypto skeptic Sen. Elizabeth Warren said,

I have become increasingly concerned about the dangers cryptocurrencies pose to investors, consumers, and the environment in the absence of sufficient regulation in the United States.

However, as the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, the Council must determine whether these trends raise concerns beyond investor and consumer protection and extend to broader systemic vulnerabilities that could threaten financial stability.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.