During a recent appearance on MSNBC, Massachusetts Senator Elizabeth Warren acknowledged that there is a need for cryptocurrency regulation.
However, she has stressed that such rules are not supposed to be written by the cryptocurrency industry.
Warren says crypto regulation should limit the ability of elected officials to trade cryptocurrencies.
There also should be some guardrails in place that will prevent crypto from blowing up the economy, Warren says.
The prominent progressive lawmaker has added that there are only weak restrictions in place.
"We need to get restrictions in place," Warren, who voted against the traiblazing GENIUS Act in June, told MSNBC.
The silver lining
Justin Slaughter, vice president of regulatory affairs at research-driven crypto investment firm Paradigm, has noted that it is "good' to see Sen Warren, one of the most ardent cryptocurrency critics, embrace the idea of cryptocurrency regulation being
He further commented that Warren did not actually criticize the major stablecoin bill that she voted against during the segment.
Instead, she focuses on what additions she wants to see in market structure legislation.
Major crypto legislation
As reported by U.Today, the groundbreaking GENIUS Act was approved by both the House and the Senate on June 17. The following day, the major crypto legislation, which outlines the rules of the road for the blooming stablecoin sector, was signed into law.
The CLARITY Act, which is the sweeping crypto market structure bill, was also passed by the House on July 17. The legislation is currently pending in the Senate, with several versions being under review.
Warren previously voiced concerns about the market structure bill potentially weakening financial oversight, thus jeopardizing financial stability.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team