Democratic Senator Elizabeth Warren re -launched criticism of crypto assets, saying the market was ‘extremely risky and unstable’. With that, he called on the SEC to increase oversight and draft appropriate regulations to enhance investor security amid growing demand for cryptocurrencies.
Elizabeth Warren, a 72-year-old former law professor, who now serves as a senior U.S. Senator from Massachusetts, last June called crypto a ‘bad investment’, when compared to stocks even though BTC continues to outperform the S&P 500 and other exchanges.
He also noted that crypto assets are often used as tools for money laundering and illegal activities. Most recently he launched criticism once again by calling it ‘very risky and unstable’.
"Although the demand for crypto and the use of crypto exchanges has soared, but in the absence of regulations then it will make it easier for investors to be manipulated by irresponsible people." - Senator U.S.
He emphasized that the loophole had endangered investors and "damaged" the security of financial markets. He therefore urged the Securities and Exchange Commission to use its powers to address this risk.
Based on data shared by him, as many as 7,000 people have filed complaints indicating that they have lost more than $ 80 million from various crypto scams in the 6 months to March 2021.
