Senator Elizabeth Warren: Crypto Firms Fear A Strong SEC
Key Points:Elizabeth Warren stated that the SEC has worked to protect investors from crypto products, and has prevented bitcoin exchange-traded funds (BTCTF) from entering the market.
She also praised the enforcement actions taken by the commission against celebrity crypto promoters, such as Kim Kardashian, and crypto exchanges such Coinbase (COIN), for alleged insider trading.
Senator Elizabeth Warren (D.Mass.) Senator Elizabeth Warren (D-Mass.) applauded the country’s securities regulator and its chair, Gary Gensler for their efforts to supervise the crypto industry and urged lawmakers to give the watchdog the resources and power it requires, according to Coindesk. Warren has been a vocal opponent of the sector, particularly the impact on the environment, and applauded Gensler’s efforts to protect investors from crypto products. She also praised the SEC’s enforcement actions against celebrities like Kim Kardashian and cryptocurrency exchanges such as Coinbase (COIN), for suspected insider trading.
It appears, most importantly, that the commission is still ramping things up. The industry is afraid of a strong SEC. It is spending millions of dollars annually lobbying for SEC oversight.
Warren stated. Warren also investigated the November collapse crypto exchange FTX. This event caused shockwaves in the industry and prompted authorities to intensify their oversight. She demanded that Sam Bankman-Fried be charged with creating FTX.
The SEC should be more aggressive in using its tools to enforce the rules. Where the SEC requires more cops, Congress must step in with the resources and new authorities to ensure that the SEC is able to do its job well in every corner.
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