- 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
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.