- US Senator Elizabeth Warren believes President Trump’s regulators allowed crypto to explode and Gary Gensler is making the crypto ecosystem compliant.
- Senator Warren has praised US Securities and Exchange Commission Chair Gary Gensler’s efforts to regulate crypto.
- The SEC has brought lawsuits against several crypto companies and prevented Bitcoin exchange traded funds from hitting the market, protecting investors.
U.S. Senator Elizabeth Warren (D-Mass.) praised the financial regulator, Securities and Exchange Commission for taking charge of regulating cryptocurrencies. Warren believes that the crypto ecosystem needs to comply with regulations.
Also read: This is the real reason Elon Musk’s Tesla did not sell Bitcoin in Q4 2022
Senator Elizabeth Warren praises SEC Chair Gensler for crypto regulation
US financial regulator, the Securities and Exchange Commission has policed the crypto industry and regulated through enforcement since Gary Gensler took over as chair. Senator Elizabeth Warren has urged lawmakers to give the SEC necessary resources and powers to keep regulating crypto.
Gensler took charge of the SEC in 2021 and Warren believes the SEC Chair has “put the genie back in the bottle and brought the crypto ecosystem into regulatory compliance.” Warren believes that under President Donald Trump regulators allowed crypto to explode and Gensler is working to protect investors from crypto products.
The SEC has prevented Bitcoin exchange traded funds from hitting the market and Gensler has emerged as the largest critic of the crypto industry. Warren believes a strong SEC scares offenders and alleged insider traders.
Warren said in an interview on Wednesday that crypto firms are spending millions of dollars each year lobbying to escape SEC oversight. The collapse of prominent crypto exchange FTX in November 2022 sent ripples through the industry and doubled regulators' efforts to improve supervision. This marks the need for strong crypto regulation and enforcement, according to the US Senator.
Warren argues that,
The SEC should double down and use its tools to enforce the rules and where the SEC needs more cops on the beat, then Congress needs to step up with the resources and the new authorities that are needed to make sure the SEC can do its work at full strength in every corner of the crypto market.
The SEC has made headlines for the lawsuit against payment giant Ripple that started in December 2020. The cross-border payment remittance firm is still awaiting a judgment in the SEC v. Ripple case, battling the regulator to prove that its asset XRP is not a security, therefore does not come under the jurisdiction of US securities law.
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.
Recommended Content
Editors’ Picks
Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move
Bitcoin price is inching towards the first monthly loss of 2023. At press time, BTC price is 4.4% below $29,233, its price on May 1. If BTC fails to regain lost ground, the asset is in for its first monthly loss of the year.
Cardano price rallies with surge in DEX volume and new meme coin launch
Cardano-based decentralized exchange Minswap registered a large spike in transaction volume since the beginning of May. Between May 1 and 30, transaction volume surged from $10 million to $72 million.
Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges
The reserve of Shiba Inu tokens across cryptocurrency exchange platforms has consistently declined between March and May. SHIB holders have pulled 44.53 trillion tokens off exchanges.
XRP likely set for price rally as network activity heats up
XRP Ledger’s native token XRP registered an increase in address activity on Monday, when more than 490,000 addresses interacted on the network, signaling an impending price rally.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.