Highly Volatile Cryptocurrencies Pose Risks to Consumers and Financial Markets, Senator Warren Tells SEC

As reported by Reuters, the US Senator Warren has voiced her fears of the growing risks imposed by volatile and opaque cryptocurrencies (Bitcoin, Ethereum, etc.) on regular US consumers and US financial markets.

She criticized the SEC for being unable to offer and introduce proper regulation for this growing industry.

WASHINGTON, July 8 (Reuters) - U.S. Senator Elizabeth Warren on Thursday warned of the growing risks posed to consumers and financial markets by the "highly opaque and volatile" cryptocurrency market and blasted its lack of regulation as unsustainable.

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Warren is a member of the Democratic party who is the chairperson of the Senate Banking Committee's Subcommittee on Economic Policy.

Meanwhile, Bitcoin, Ethereum and other digital currencies are declining. BTC and ETH are down 5 percent and 7.5 percent, respectively.

On Wednesday, she sent an official letter to the head of the SEC regulatory agency Gary Gensler, urging him to get down to work, create and implement legislation to get the fast-growing crypto industry under control.

Warren stated that she expects a reply from the chief of the SEC by July 28 in order to protect crypto investors and traders and lay the basis for the legislation for the crypto market which is growing at a fast pace.

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In her letter, Warren stated:

"While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters."