Massachusetts Senator Elizabeth Warren recently criticized cryptocurrencies, saying they have huge issues that need to be taken seriously.
What did Elizabeth Warren say about cryptocurrency?
Warren Talk about cryptocurrency during a hearing with the Subcommittee on Economic Policy of the Senate Committee on Banking, Housing and Urban Affairs.
- The Massachusetts senator said the cryptocurrency had “significant problems.”
Through MassLive.com, Warren’s problems with cryptocurrency include “fluctuating value, investment issues, illegal activity, and the cost to the environment.”
- âCryptocurrency has created opportunities to defraud investors, help criminals and worsen the climate crisis,â Warren said, according to MassLive.com. âThe threats released by the crypto show that Congress and federal regulators cannot continue to hide, hoping that the crypto disappears. This will not be the case. It is time to face these problems head-on.
What did Elizabeth Warren say about Dogecoin?
Warren also called Dogecoin due to its instability and market volatility.
- âIn the last two months alone, the value of Dogecoin has more than increased tenfold, then declined by almost 60%,â Warren said, according to MassLive.com. âNow it may work for short-lived speculators and investors, but not for ordinary people who are looking for a stable source of value to pay for and use for their day-to-day expenses. “
White House takes a closer look at Dogecoin
The Biden administration is currently examining the “gaps” in the crypto market that it needs to fill, for example “whether it can be used to finance illicit or terrorist activities”, The Washington Post reports.
- That said, an anonymous source said The Washington Post that the White House wants investors to “dogecoin as they please”.
- “They are aware that there are all kinds of risks in the abstract and things to watch out for, but they are still largely in a waiting posture,” an anonymous source said. The Washington Post.