US Senator Elizabeth Warren Calls for Greater Crypto Regulation

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According to member of the US Senate Banking Committee Elizabeth Warren, the crypto industry is on a path of financial innovation that starts with “exciting rewards” and ends with “crushing losses.”

While discussing the implications and risks of digital assets in general, Warren has compared the latter to subprime mortgages, penny stocks, and credit default swaps.

She has written:

“Proponents say cryptocurrencies have great potential to make the financial system more efficient and inclusive. May be. But we’ve heard this story before. During the crash of 2008 and all previous financial crises, such statements proved to be dangerously delusional. Cryptocurrency is no exception.”

She believes the incident with Sam Bankman-Fried’s companies is a “wake-up call” for the authorities.

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