Senator Elizabeth Warren attacks Bitcoin and Dogecoin during Senate CBDC hearing

  • Senator Elizabeth Warren, a leading candidate for the Democratic nomination during the 2020 presidential election, criticized cryptocurrencies during the recent Senate hearing.
  • The Subcommittee Chairwoman asked lawmakers to address issues with digital assets head-on.
  • While Warren suggested the crypto transactions may be more efficient, only regulated digital public money should be accepted. 

During the June 9 Senate hearing on central bank digital currencies, Bitcoin and Dogecoin took the spotlight as United States Senator Elizabeth Warren criticized cryptocurrencies for their role in scams, ransomware attacks and pollution.

US lawmaker makes one of the sharpest criticisms on crypto

US Senator Elizabeth Warren called on lawmakers to tackle issues with cryptocurrencies “head-on” as the adoption of digital assets is on the rise. 

The prominent Wall Street critic and consumer advocate stated that the government must address a host of problems related to the new asset class. 

Subcommittee Chairwoman Warren attacked Bitcoin as the cryptocurrency was involved in recent high-profile ransomware attacks, including those against the Colonial Pipeline and meat producer JBS. The Senator commented: 

“Every hack that is successfully paid off with a cryptocurrency becomes an advertisement for more hackers to try more cyber attacks.”

According to Warren, cryptocurrencies are a “fourth-rate alternative to real currency” since she believes that tthey are a “lousy way” for conducting transactions and a “safe haven for illegal activity.”

Citing the recent Dogecoin price surge, which increased the value of DOGE by tenfold prior to plunging over 60%, the Democrat said:

“That may work for speculators and fly-by-night investors, but not for regular people looking for a regular source of value to get paid in and to use for day-to-day spending.”

The senator also highlighted controversial claims about Bitcoin’s energy use for mining, claiming that the process consumes more energy than the Netherlands. She added that mining has “devastating consequences for the climate.” 

Warren concluded that Congress and federal regulators cannot continue to “hide out” and that it is time to confront issues related to digital assets head-on.

The senator was open to the idea that digital currency transfers are faster compared to the traditional sector. She added:

“But in order for those advantages to be realized, the digital version needs to be secure, stable and accepted everywhere.”

Warren is open to the idea of a central bank digital currency (CBDC) backed by the US government, subject to regulation. “Legitimate digital public money could help drive out bogus digital private money,” the senator said. 

“It could help improve financial inclusion, efficiency, and the safety of our financial system if that digital public money is well-designed and efficiently executed, which are two very big ‘ifs.’”


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ripple bulls respite to end with blast off to $0.98

XRP price saw a healthy run-up after bleeding excessively over the past three weeks. Investors seem to be booking profits, which has stifled the recent run-up. If this continues, Ripple could bounce off two crucial support levels and restart its uptrend.

More Ripple News

Cardano eyes 25% gains despite recent slowdown

Cardano price shows a bullish structure despite the mayhem caused in late May. ADA set up a higher low on June 8, followed by a quick upswing, a common theme across the crypto market.

More Cardano News

Polygon might retrace before rallying 25%

MATIC price experienced a minor upswing on Wednesday but failed to entice the sidelined investors to jump on board. Additionally, Polygon did not retest a crucial supply barrier during this uptrend, which could indicate that a minor retracement seems likely.

More Polygon News

Three reasons why Shiba Inu price may be ready to rally

Since June, Shiba Inu price has been locked in a descending channel but holding the outstanding May 19 support during the new selling wave in the cryptocurrency complex. The resulting bounce has stalled at the apex line of a previous symmetrical triangle, a level that served as support in late May.

More Shiba News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast