💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Elizabeth Warren Calls For Tougher Crypto Regulation: FTX, Celsius 'Collapsing Under Weight Of Their Own Fraud'

Published 26/01/2023, 03:49
© Reuters.  Elizabeth Warren Calls For Tougher Crypto Regulation: FTX, Celsius 'Collapsing Under Weight Of Their Own Fraud'
CELH
-
CRCW
-

Benzinga - Senator Elizabeth Warren (D-Mass.) has warned that the ongoing volatility in the cryptocurrency space will persist unless there are tougher regulations in place to protect investors.

What Happened: In an event hosted by the American Economic Liberties Project called "Confronting the Crypto Challenge: Learning From a Meltdown," Warren said, “for all their talk of innovation and financial inclusion, crypto industry giants — from FTX to Celsius to Voyager — are collapsing under the weight of their own fraud, deceit and gross mismanagement.”

“And when they sink, they take down a lot of honest investors down with them,” she added.

See More: Best Crypto Day Trading Strategies

Warren took a hard stance on crypto fraud in her keynote address on Wednesday, calling on regulators, such as the Securities and Exchange Commission and banking authorities, to take “meaningful consequences” for bad actors, she said.

“Crypto fraud is a big problem, but it is one that we can fix and the solution starts with the SEC," said Warren in her keynote. “The SEC has a long history of fighting exactly the battles that we now face.”

She emphasized that tougher regulators would give the industry a chance to show that it can innovate without risking the financial security of investors, or being used for money laundering by drug traffickers and terrorists.

“No financial industry should get to write its own playbook, you either comply with the law or you face tough consequences for violating it. Crypto is no different,” she noted.

This comes at a time when Bitcoin (CRYPTO: BTC) is rallying over $23,000, up 40% since last year.

Read Next: 20M Uniswap Members Say 'Yes' To Binance Move: What The 'Temperature Check' Means

Disclosure: Benzinga CEO Jason Raznick is a member of the unsecured creditor committee in the Voyager Digital bankruptcy case.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.