Senator Warren urges Finance Secretary Yellen to adopt urgent policy to limit cryptocurrencies’

US Senator Elizabeth Warren has asked Finance Secretary Janet Yellen to” act urgently ” and adopt appropriate policies to address the risks associated with cryptocurrencies. “The longer the United States waits to adjust the right regulations for these assets, the more likely it is to become so tangled in our financial system that this could have potentially serious consequences if the Sunday is put under pressure.”

Senator Warren wants quick regulatory response to crypto risks
U.S. Senator Elizabeth Warren wrote a letter to Finance Secretary Janet Yellen on Monday, raising numerous concerns about the risks of cryptocurrencies.

“I reach out to you as chairman of the financial stability supervisory board (FSOC) because of the need for a coordinated and consistent regulatory strategy to mitigate the increasing risks that cryptocurrencies present to the financial system,” Warren wrote.

He explained that the FSOC is “responsible for identifying and responding to risks that arise for financial stability.””Massachusetts senator explained:

I am increasingly concerned about the dangers that cryptocurrencies pose to investors, consumers and the environment due to the lack of proper regulation in the United States.

He later expressed concern that “demand for cryptocurrencies continues to grow and these assets are increasingly being injected into our financial system.” Also, crypto currencies, the U.S. financial system for banks, hedge funds and risks, cyber attacks, and only stable coins and decentralized financing (Defi) – created for a series of specific risk including the risk of other investment vehicles identified.

Warren said: “the council must determine whether these trends cause problems beyond protecting investors and consumers and extend to broader systemic vulnerabilities that could threaten financial stability.””It is important that the risk response policies associated with these assets are coordinated and holistic rather than fragmented.

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