US Senator and big crypto critic, Elizabeth Warren runs for 2020 presidential race

02 Jan, 2019 | Updated: 02 Jan, 2019
by Fifi Arisandi
US Senator and big crypto critic, Elizabeth Warren runs for 2020 presidential race

US Senator from Massachusetts, Elizabeth Warren just announces her participation in the 2020 presidential race.

The senator, who is a strong opponent of big banks and unregulated capitalism, including cryptocurrency is the first major candidate from the Democratic party, which undoubtedly will put their maximum efforts to beat President Trump.

In the crypto space, Warren is known for her sharp criticism and multiple comments that expressed her concerns on ICO scams. According to Cointelegraph, she once claimed crypto as “easy to steal”.

Reminiscing to a Senate Banking Committee hearing last October, she stated that the challenge of crypto is “how to nurture its productive aspects with protecting consumers” as she said that many American consumers have become the victims to cryptocurrency scammers.

She then reiterated her stance again in November by saying, “It’s American families that end up paying the price when any regulator says we’re more interested in Wall Street. What I think is that we need a [Federal Reserve] that is engaged in watching where risk builds up in the system. That’s the Fed’s job — that’s not the job of American families.”

Despite having regulators, such as the Security and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) that watch over the crypto industry closely, many still think the regulations are still somewhat unclear.

While opponent like Warren thinks crypto poses too many threats to the consumers that the regulators haven't managed to overcome thus far, another point of view from crypto supporters, like VC investor, Fred Wilson is that the actions of “misguided regulators” will harm and diminish high quality projects, instead.

Although some Senators have been reported to have had discussions with the industry players as an effort to make it clearer and most importantly, safer for everyone, none has managed to come up with tangible results, as in the ones that can be felt by both players and enthusiasts of the industry.

Read more: 

Why does SEC Commissioner Hester Peirce fight for a Bitcoin ETF?

US senators discuss crypto mining concerns and propose government blockchains

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