Senator Elizabeth Warren Trash Talks Cryptocurrency Saying Its ‘Easy To Steal’
On Thursday 11 Oct, the United States Senate held a hearing on Cryptocurrency and blockchain technology. At the Senate Banking Committee hearing Elizabeth Warren, a Democratic senator, and potential 2020 presidential candidate opined that cryptocurrencies, including Bitcoin [BTC], were “easy to steal”.
Crypto is easy to steal and a lot of small investors are being scammed through initial coin offerings, Warren warned. “The challenge is how to nurture productive aspects of crypto with protecting consumers,” she said.
Meanwhile, Banking Committee chair, Ohio Senator Sherrod Brown echoed some of Warren’s sentiment. His concerns lay in the number of families exposing themselves to the volatile markets without adequate consideration of the financial risks posed. He continued, stating that cryptocurrency could well bring much-needed banking services to those who currently make do without, but that scams in the space far outweigh the useful applications of the technology for now.
This is not the first time that Warren has criticized cryptocurrency, as she stated in 2017 that she was “worried about bitcoin”. She claimed that she was worried about “American families getting hurt”, because of the volatility of the cryptocurrency markets.
Also taking a positive view of the technological innovation was the current committee chair, Republican Mike Crapo. He outlined the revolutionary potential of blockchain technology and cryptocurrency:
“Blockchain networks have the potential to improve processes for things like smart contracts, payments and settlement, identity management, and even things yet undiscovered.”
Crapo was also careful to highlight that price volatility and the potential for pump-and-dump schemes remained areas of concern.
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