US Senator Elizabeth Warren Calls for Tighter Regulation of Cryptos

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Elizabeth Warren, a member of the US Senate Banking Committee, has said that the Congress and the SEC should take a tougher stance on the cryptocurrency industry, Yahoo Finance reports.

She has said:

“I am sounding the alarm about cryptocurrencies and the need for stricter regulations for consumer protection and financial stability. Too many companies have managed to deceive customers and leave ordinary investors with their noses.”

According to her, the head of the SEC, Gary Gensler, should begin to act in the near future.

Warren’s announcement has come amid ongoing issues with a number of crypto-related companies. Last June 13, Celsius Network suspended withdrawals, exchanges and transfers between accounts “due to extreme market conditions.” And a month later, the crypto lending platform filed for bankruptcy.