TL;DR Breakdown
• According to Warren, cryptocurrencies are a risk to the financial market.
• Cryptocurrencies are under SEC investigation due to the letter Warren sent.
Elizabeth Warren, an active US senator, is pressing Treasury Secretary Janet Yellen to ban crypto. Although digital currencies have been regulated in various regions of the world, in the United States, this has not yet occurred.
The request for crypto regulation appears to be a cohesive and coordinated strategy due to the investment risk. Warren insists that the crypto market is a high risk for the current financing system.
The Senator sent a letter in the early hours of Tuesday to request a hearing with the Financial Management Council. With this letter, the Senator wants the regulatory agency to cease operations with cryptocurrencies soon.
US senator attacks digital currencies
Warren indicates that crypto can be used from anywhere in the financial market they are easily accessible. There are over 2,000 tokens, and the figure continues to advance with a value of around $2 trillion.
The Senator shows her concern about stablecoins adopted by various countries in the world, including China. She also warns about cryptocurrency finance and that banks use crypto. These guidelines suggest that Warren wants to ban cryptocurrencies completely.
Among other opinions, Warren indicates that the Financial Council should decide on the necessity of cryptocurrencies in the current market. She also indicates that the FSOC should act immediately before crypto’s risks hit the financial market. The regulations should be raised at most, by this year. Otherwise, it will have irreversible consequences, according to Warren.
Warren calls SEC to act against crypto
Senator Warren’s letter against digital currencies was published Tuesday morning after sending it to the Senate Committee. The committee had initially planned to meet to discuss Ransomware and the financial market. However, the committee has not given a date for such a hearing that could affect digital currencies.
Warren also called on the Securities and Exchange Commission to act against crypto. Warren has also personally challenged the commission chair to respond to her request this week.
Warren could have been outraged by cryptocurrencies after Bitcoin regained ground. It wasn’t until Monday that Bitcoin hit its highest peak in weeks; today’s BTC price being $37846.
The Senator also wants the crypto market to be banned, as happened in China, Japan, and the UK. While it is unknown what prompted Warren to write the letter on regulations, she is expected to fail. Many companies in the United States have accepted digital currencies, and economists point out that their market will not stop.
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