Sen. Elizabeth Warren Declares “Crypto Puts Power In The Hands Of Shadowy Coders And Miners”

Senator Elizabeth Warren had a lot to say about cryptocurrency and most of it wasn’t too positive.

In an interview on CNBC Squawk Box Warren declared that “Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners”.

Warren went on to say the cryptocurrency needs more regulations to protect small time investors from “bad actors” looking to take advantage.

Most cryptocurrency holders are well aware of the risks cryptocurrency brings and are not in favor of the government  regulating cryptocurrency.

CRYPTO: Sen. Elizabeth Warren says: "Crypto puts the system at the whims of some shadowy, faceless group of super-coders & miners… Crypto could be even more dangerous for consumers, more dangerous for the environment, & more dangerous for the stability of our financial system." pic.twitter.com/833o1ObAwx

— Forbes (@Forbes) July 27, 2021

CNBC covered the story, check out what they reported:

Sen. Elizabeth Warren told CNBC on Wednesday she’s skeptical that bitcoin will prove to be a reliable hedge against inflation over the long run, a key reason some investors choose to own it.

“People can make their own investment decisions, but to do that somehow assumes two things. One is that what’s happening with bitcoin or any other cryptocurrency is somehow going to be divorced from what’s happening elsewhere in the economy,” the Massachusetts Democrat, a frequent Wall Street and crypto critic, said on “Squawk Box.”

In the wide-ranging interview, which also touched on her wealth-tax proposal, Warren called for cryptocurrencies to face tighter regulation, suggesting it will help root out “snake oil salesmen” and may shore up the confidence of investors in the nascent asset class.

She likened it to the formation of the Food and Drug Administration in the early 20th century and the agency’s crucial role in regulating medicines and treatments.

Comedian Tim Dillon believes that Sen. Warren is just a mouth piece for the financial elite:

If Elizabeth Warren is saying this-the woman who torpedoed Bernie’s campaign for the establishment-rest assured crypto is making some big people unhappy. https://t.co/Xs6AmSxdh9

— Tim Dillon (@TimJDillon) July 27, 2021

Decrypt got the scoop too:

At a hearing of the Senate Banking Committee this morning, Senator Elizabeth Warren (D-MA), now one of Congress’s most prominent crypto skeptics, continued to sound the alarm about the potential dangers of blockchain technology.

Part of Warren’s issue has to do with the idea that crypto isn’t really all that decentralized or disintermediated, as is often argued by the faithful; much of the wealth remains concentrated, and the largest companies and mining pools have ways of exerting control over the system.

“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me,” she said.

In Warren’s opinion it’s best to trust the shadowy figures that run our government to regulate cryptocurrency  than to trust a decentralized cryptocurrency market.

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