What exactly does Elizabeth Warren want the SEC to do with crypto exchanges?

U.S. Sen. Elizabeth Warren (D-MA) has long advocated protection of consumer rights. Now he continues his quest to protect cryptocurrency investors. 

Calling cryptocurrency “an extremely opaque and volatile Sunday,” Senator Warren wrote in a letter sent yesterday to Securities and Exchange Commission (SEC) Chairman Gary Gensler, asking the agency to respond on July 28 with details of the Sec’s regulatory body on cryptocurrency exchanges and users.

While it’s easy for cryptogeld to say that Warren’s painting is a villain because of his previous claims that it is “a fourth alternative to real currency,” the post eventually addresses a number of problems caused by some in the industry. 

Elizabeth Warren beats Bitcoin, Dogecoin and other cryptocurrencies in Senate hearings
Senator Warren, who chairs the Senate Banking Commission’s Economic Policy Subcommittee, cites four issues he sees as risk factors for consumers. 

First, according to him, cryptocurrency exchanges are not regulated like exchanges, although they have many features of traditional exchanges.& quot; 

The latter noted that Gensler had acknowledged in May that neither the SEC nor the Commodity Futures Trading Commission (CFTC) had a regulatory framework. As a result, the state’s money transfer laws do the hard work. According to Warren, ” these rules were not originally designed to provide oversight of advanced exchange-like operations and are not sufficient to ensure a secure cryptocurrency market.”they’re also cumbersome for crypto companies that have to juggle 50 different sets of rules.

Third, Senator. Warren suggests that it is common in the industry to trade in counterfeit volumes. Quoted a May 2019 report from Crypto Index Fund bitwise Asset Management, the SEC suggests that more than 95% of bitcoin trading volume is Coinmarketcap, a fake and/or uneconomic amount in nature. “he believes in this amount

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