- Senator Elizabeth Warren triggers fear within the crypto industry as she officially announces her third term bid.
- Warren is known to be building an anti-crypto army.
U.S. Senator from Massachusetts, Elizabeth Warren has reinstated her anti-crypto stance as she seeks to continue her journey in the senate. In a 2-minute plus video, she made her third term bid official with some achievements including corporate minimum tax, over-the-counter hearing aids, and canceling student loan debt.
In a video on Twitter, she proposed $10 a day for childcare and also announced her decision to join the fight to put the government on the side of working families. Interestingly, her narrative about crypto is said to be generally toxic as she is believed to be building an anti-crypto army. Some crypto enthusiasts believe that she is building support behind a bill to cause a sweeping implication through tougher anti-money laundering restrictions.
Warren earlier argued that crypto has become a ‘Wild West’ for investors and called for a coordinated effort to regulate the industry. When Diem (formerly Libra) was proposed by Facebook, she strongly opposed it, claiming it would threaten the global financial system.
Some of her notable stances in the crypto industry
In 2021, it was reported that Warren raised concerns in a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler, calling for regulations to prevent market manipulators and fraudsters.
While demand for cryptocurrencies and the use of cryptocurrency exchanges have skyrocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters. These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets. The SEC must use its full authority to address these risks, and Congress must also step up to close these regulatory gaps.
Following the collapse of the FTX empire, Warren stated that this should be a wake-up call to the Justice Department, the SEC, and also the US Treasury to either regulate the industry or take it down. She has also been a fan of Gensler’s law enforcement action on the space despite some key players preferring to deal with Commodity Futures Trading Commission (CFTC). She even praised the SEC for preventing the Bitcoin exchange-traded funds (ETFs) from getting into the market.
The commission has been loud and clear that crypto doesn’t get a pass for long-standing security laws that protect investors and ensure the integrity of our financial markets. This is the right approach—the SEC has the right rules, and the right experience and Gary Gensler is demonstrating that he is the right leader to get the job done.
She even said that the SEC should use the full force of its regulatory power across the market. On top of that, Warren called on environmental agencies to go after crypto miners. According to her, they are responsible for driving up energy costs and polluting the environment.
Her campaign has attracted several comments from crypto advocates and those who believe she is for “anti-freedom policies.
Matthew Liu, co-founder of Origin Protocol replied:
Speechless really. Wrong side of history here we go! Might as well go anti-Internet, anti-self driving cars, anti-AI, anti-bioengineering and anti-anything that can spur American innovation, progress, and wealth redistribution.
