March 28, 2024

Elizabeth Warren: “The crypto industry is afraid of the SEC”

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Elizabeth Warren: “The crypto industry is afraid of the SEC”

Senator Elizabeth Warren believes that the cryptocurrency industry is afraid of the US Securities and Exchange Commission (SEC), and therefore it should fight to expand its powers.

Elizabeth Warren stated,that the SEC should redouble its efforts to regulate the crypto industry. Moreover, Warren believes the industry is afraid of what the future holds. At the same time, the senator believes that the industry began to be truly regulated with the advent of the new White House administration and the current head of the SEC, Gary Gensler.

The predecessors of the current leadership, according toAccording to Warren, they gave a lot of relief to the cryptocurrency market, which was flooded with unnecessary tokens, scammers and unregistered securities. But now, under the leadership of Gensler, the situation is improving.

“The commission is just gaining momentum, and the industry feels it. Therefore, he invests millions of dollars in lobbying his interests and tries to avoid SEC supervision,” Warren says.

Warren went further and stated that the Commissionit should redouble its regulatory efforts and use all its powers to force the industry to comply with the rules. Moreover, the powers themselves should be expanded to cover the entire crypto market, Warren believes.

Overall, the senator sees the industry as an ever-expanding threat to consumers and the financial system that needs to be reined in and tightened.

She previously expressed concern that cryptocurrency companies are hiring former regulators and government officials to effectively promote the interests of the industry.