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Elizabeth Warren: Cryptocurrencies Are A Risk To The Current Financial System


Anything Elizabeth Warren doesn’t like, I LOVE.

Those familiar with the crypto world know that digital currencies are on the rise, and are looking to be the wave of the future, and just a quick disclosure, I myself am a crypto investor.

If there’s anything I hate just as much it’s big government, it’s big banks.

Legacy financial institutions that make risky investments, push economies to the brink, leave Americans high and dry, and finally face little to no consequences for the destruction they cause.

Elizabeth Warren likes to routinely point out how we as a society oppress, appropriate, and steal resources from minority groups, yet she fails to grasp how the current financial system appropriates money and steals resources from all of us?

In my experience those politicians who come out against cryptocurrencies have some vested interest.

Perhaps a campaign donor from the banking sector is responsible for her most recent attacks on digital assets.

Here’s what she had to say:

CNBC had more on the story:

Sen. Elizabeth Warren urged Treasury Secretary Janet Yellen on Tuesday to identify and remedy risks posed by cryptocurrencies and to craft a “comprehensive and coordinated” framework through which federal agencies can continually regulate virtual coins.

Warren, a member of the Senate Banking Committee and a longtime critic of the nation’s largest banks, pressed the Treasury secretary to use her powers on the Financial Stability Oversight Council to bring about a safer crypto market.

“FSOC must act quickly to use its statutory authority to address cryptocurrencies’ risks and regulate the market to ensure the safety and stability of consumers and our financial system,” the Massachusetts Democrat wrote in a letter to Yellen.

“As the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, consumers, the environment, and our financial system are under growing threats,” she added.

Warren is quoted by Daily Hodl:

“So do you remember money markets back in 2006, 2007, 2008, and how much money flooded into money markets because the banks were paying like nothing in interest on money and savings accounts? And the money markets were saying, ‘Hey, put your money over here, we will pay a little more and give you all the benefits of a checking account.’ And then the crash came…

We’re in the same kind of risk right now with crypto. The bigger it gets, and the more it stays outside the financial system, something goes wrong – there’s run on crypto, there’s a problem elsewhere in the economy – I don’t want the US taxpayer to be the one who gets called on to back up the financial system again.”

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