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Senator Warren on Crypto: "Unreliable, Devastating, Dangerous"

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Tue, 09/14/2021 - 18:23
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Alex Dovbnya
Elizabeth Warren has ramped up her anti-crypto rhetoric
Senator Warren on Crypto: "Unreliable, Devastating, Dangerous"
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During a Tuesday hearing held by the U.S. Senate Banking Committee, Sen. Elizabeth Warren (D-MA) painted a rather grim picture of cryptocurrencies, reading a litany of problems that she believes plague the industry:

There’s a whole list of problems: unreliable tech, scams, devastating climate impact, but high unpredictable fees can make crypto really dangerous for people who are not rich.

The former presidential candidate, who’s considered to be one of the most left-wing politicians in the U.S., says that regulators need to step up in order to protect ordinary investors.

Warren mentioned that the fee for swapping tokens on the Ethereum network on decentralized finance platforms was more than $500 one week ago.

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She claims that small investors could get “jammed” and wiped out entirely because of the need to pay the exorbitant commission in order to withdraw their money.

The Massachusetts lawmaker also took issue with Coinbase experiencing downtime during the Sept. 7 market collapse, which prevented some users from accessing their funds. 

Warren pointed to the sheer magnitude of the crash: 

In a matter of hours, $400 billion in market value just disappeared.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.