Long Bitcoin skeptical US Senator Elizabeth Warren shared his views because of the benefits of cryptocurrency. “The greatest advantage of cryptocurrency can be increased or democratized access to the financial system,” she said, but in the event of problems like “execution of cryptocurrency,” the cryptocurrency industry might need federal relief.
Senator Elizabeth Warren discusses the biggest advantages and disadvantages of Cryptocurrencies.
In an interview with Bloomberg last week, Senator Elizabeth Warren asked what would happen to US cryptocurrency regulation. “If people go there to trade it, there must be a beat cop,” she started. “It’s the little traders who are fooled when there’s no police in any market because that’s always worrying me,” continues Massachusetts State Senator
. “The question of what she thinks are the biggest advantages and disadvantages of
cryptocurrencies were specifically answered by Warren, who answered:
“The biggest advantage of cryptocurrencies is that they can expand or democratize access to the financial system.”
“At present, in the United States, we have tens of millions of people without or without banking services, which means they have to go to the ATM to pay 3% of their wages. Just to get their cash,” he described. “They have to spend money to pay utility bills or pay rent, which cost these people a lot.” Senator elaborated: “The shift to the digital currency system, or should I say the expansion to the digital currency system, may attract more people. , And can be designed in many different ways.”
Regarding the shortcomings of cryptocurrency, Senator Warren said:
“The downside, of course, is that as long as it’s an unregulated system, it can involve more people and be scammed, which is not what we want.”
She warned that the larger the cryptocurrency market and the more it stays outside the financial system, the more it faces another financial crisis similar to 2008. She warned: When it comes to password money, there are problems in other parts of the economy. I don’t want the recipient of the request to support this for American taxpayers.
Many people visited Twitter to respond to Warren’s comments about the execution of crypto. Some explained that she still thinks like a bank and that cryptocurrency is different from the stock market going to the government for relief after the bank goes bankrupt. Edge CEO Paul Puey said:
“You can’t do that with a password. The password cannot be rescued. You don’t have to. This is the ‘why’ of encryption.”
Senator Warren has long been skeptical of Bitcoin. In May, she criticized cryptocurrencies for their environmental impact and investor protection. She also agreed with Treasury Secretary Janet Yellen if cryptocurrencies are primarily used for illegal financing.
Recently, Senator Warren has been calling for regulation in the field of cryptography. She urged Ren to quickly adopt a policy to reduce the risk of crypto. She also asked Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), to urgently devise crypto policies and require the SEC to use “full powers” to regulate cryptocurrency trading.
What do you think of Senator Elizabeth Warren’s opinion? Please let us know in the comments section below.