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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 thatThe SEC should redouble its efforts to regulate the crypto industry. Moreover, Warren is sure that the industry is afraid of what is coming in the future. 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 toWarren, gave a lot of indulgence to the cryptocurrency market, which was flooded with junk tokens, scammers and unregistered securities. But now, under the leadership of Gensler, the situation is improving.
“The commission is only gaining momentum and the industry is feeling it. Therefore, he invests millions of dollars in lobbying for his interests and tries to avoid SEC oversight, ”Warren says.
Warren went further and stated that the CommissionRegulatory efforts should be redoubled and all powers should be used 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 crypto companies are hiring former regulators and government officials to effectively promote the interests of the industry.