Reshab AgarwalLong term sceptic Elizabeth Warren thinks crypto needs to be fully regulated. Warren shared her views on the topic of cryptocurrency, citing both positive and negative sides of the same. According to her, if something goes wrong, crypto could need a federal bailout which is not appreciated. And the only way the benefits of the same could be enjoyed is through proper regulation or, in her words having a “cop on the beat.”
Elizabeth Warren on crypto
Senator, Elizabeth has been one of the biggest sceptics of crypto. She has time and again bashed the technology, citing the need for heavy regularization. She is also the writer of the warren amendment, which, if passed, could kill crypto. Recently she said if a bear market starts, then it will be the small traders that will get squashed in the market. And for them having proper authority in place is important. She also added that regulation is needed so that everyone can trade with confidence, not getting worried about how markets could be manipulated or they get scammed.
Well, this is one point I can agree with, but the kind of amendment she is pushing is not viable. The idea of monitoring everything will kill the entire thing. She did say that the US needs a digital currency system because there are still millions of people without access to proper banking services. They are paying exorbitant amounts just to get their cash from their paychecks. Having a proper digital currency in place can help solve this problem. But since the space is not regulated, the chance of getting cheated is high, says Warren.
Her warnings
Elizabeth says crypto has its benefits, but as the market gets bigger, the chances of having a financial crash like 2008 are increasing. And if something goes wrong, the government will have to bail it out, said Warren. But this is something many disagreed with and said that crypto doesn’t need a bailout. It is often the bankers who need bailout when something goes wrong. All in all, her views on crypto seem to be a little biased on the negative side. This makes it clear why she is pushing for the SEC to regulate crypto entirely.
Elizabeth Warren thinks crypto needs to be regulated. Do you agree with her? Whatever the case is, do tell us the reason behind that. Also, if you found our content informative, do like and share it with your friends.
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