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Senator Elizabeth Warren (D-Mass.) On Wednesday expressed her dissatisfaction with bitcoin, calling it a “terrible currency” that is only really useful to “criminals” and speculative investors. The comments came during a Senate subcommittee hearing on the possibility of a central bank digital currency.
“The crypto world currently has no consumer protection, none. As a result, honest investors and people trying to set aside savings are at the mercy of scammers,” she said in her statement. opening statement. She added that “crypto has become a haven for illegal activity”, echoing concerns about the role bitcoin and others could play in cyber attacks, such as the one on the Colonial Pipeline system. Warren also hinted that she was concerned about the environmental damage that the energy consumption of digitally “mined” cryptocurrencies could cause.
That said, Warren isn’t necessarily averse to digital currencies, in general. “The digital currency of central banks is very promising,” she continued. “Legitimate digital public money could help drive out fake digital private money. It could help improve the financial inclusion, efficiency and security of our financial system if this digital public money is well designed and efficiently executed. They’re two really big though.
Cryptocurrencies promise to solve the problems in our banking system, but Congress and federal regulators cannot hide and hope that crypto is gone. This will not be the case. It is time to face these problems head-on. pic.twitter.com/DaYUhM8Z7o
Elizabeth Warren (@SenWarren) June 9, 2021
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