As per the latest reports, Elizabeth Warren has shared her concerns over cryptocurrencies. She has talked about the regulatory climate that is currently taking place in the country for cryptocurrencies. Elizabeth Warren is one of the senators in the United States and she was also an aspirant for the presidency in the country.
The reports reveal that Warren has shared her concerns over the regulatory climate in the form of a letter. The letter has been sent over to the Securities and Exchange Commission’s chairman of the United States, Gary Gensler.
In the letter, the senator has demanded an explanation and a proper statement around the strategy that has been adopted by the SEC in regards to cryptocurrency regulations.
She has demanded Gensler to answer her questions in regards to the Securities and Exchange Commission’s scope around cryptocurrencies. She wants to know if the US SEC is going to come up with regulations to better streamline the cryptocurrency industry.
Elizabeth Warren’s major concern is around the protection of the consumers dealing in cryptocurrencies. Most of the cryptocurrency industry at present is unregulated, making it is unsafe for cryptocurrency investors and consumers.
Therefore, her major concern is to get answers around the scope that the US SEC has around the protection of consumers that are dealing in cryptocurrencies.
Warren has talked about the cryptocurrency industry and its lack of regulatory guidelines, making it an unsafe platform for consumers. As per her, there is currently too much gap between the cryptocurrency industry’s regulatory guidelines and the regulatory authorities.
When investors invest in cryptocurrencies, they are putting their funds and personal/financial information at a risk. There are currently no regulatory guidelines to help investors that have been scammed or are potentially on the verge of getting scammed by bad actors.
This is something that is not only affecting the individual investors or consumers but is also causing a huge impact on the financial markets. This is eventually going to hit the economy of the country, which is why the regulatory authorities need to do something fast around cryptocurrencies.
In order to make the cryptocurrency industry safer and protected for the consumers, the US SEC needs to deal with the matter proactively. The Securities and Exchange Commission must use all that is within its power and authority to address these risks.
Warren stated that the US Securities and Exchange Commission needs full support and backing of other regulatory entities in the country. Therefore, Congress also needs to step in and provide full support to the regulator in its efforts to bring regulatory reforms to the industry.
This means that in the coming days, the SEC will be getting support from Congress in order to deal with the situation and make it more favorable for the consumers.