US Senator Warren Presses SEC to Use ‘Full Authority’ to Regulate Cryptocurrency Trading

us senator elizabeth warren

US Senator Elizabeth Warren Urges the SEC To Use Its Authority To Regulate The Crypto Market According to US Senator Elizabeth Warren, there is growing risks associated with cryptocurrency trading, and the crypto market in general. This lead her to say that the Securities And Exchange Commission is ineffectively regulating the crypto market.

US Senator Elizabeth Warren acknowledged that cryptocurrency trading exchanges have grown in popularity with the rise in demand for cryptocurrencies. She added that there is currently a lack of commonsense regulation.

Gary Gensler, the chairman of the SEC, was informed by Senator Warren about the risks associated with crypto. There are basic protections that traditional exchanges offer that crypto exchanges don’t offer, which is one of the concerns that the Senator raised with the chairman.

Senator Warren cited data from the FTC. The data revealed that just over 6,500 people lost a combine $75+ million from crypto scams from September 2020 to March 2021.

Gensler became the chairman of the SEC this past May. As of now he has not proposed any new rules to regulate the crypto market. However, he did say that crypto exchanges do need additional regulation. He also said that the average investors would benefit if crypto exchanges had more protections in place.

Gensler was also asked by the Senator to determine whether or not more protections should be implemented, and whether or not there should be international coordination in order to regulate the market.

Gensler was told that the deadline for a reply was July 28. Senator Warren also wants to know if congressional action should be taken in the future.

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