Senator Warren Asks SEC to Respond to Crypto Regulations by July 28

Share Article
In Brief
  • Senator Warren sets July 28 as the deadline for the U.S. SEC to respond on crypto regulation.

  • This absence of investor protection is what Warren highlights the strongest in her remarks.

  • The SEC Chairman has stated that he would look to guidance from the U.S. Treasury about the matter.

  • promo

    BIT Launchpad: Up To 3,500 FREE BIT. Don’t Miss The Beat. Join Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

U.S. Senator Elizabeth Warren, who chairs the Senate Banking Committee’s Subcommittee on Economic Policy, asked the SEC to respond to concerns regarding crypto regulations by July 28.

Sponsored



Sponsored

The United States Senator Elizabeth Warren offered strong remarks on the cryptocurrency market on July 8, criticizing its volatility and the lack of regulation in the space. She also sent a letter to Securities and Exchange Commission (SEC) Chairman Gary Gensler, asking him what was being done for regulation.

In her statement, Warren said that the demand for cryptocurrencies and the use of exchanges have sky-rocketed, but so has “the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters.” This absence of investor protection is what Warren highlights the strongest in her remarks and says that the SEC must use its authority to address these gaps.

Sponsored



Sponsored

Warren expects an answer from Gensler by July 28, who has also signaled his intention to get started on regulating the crypto market. Reuters examined the letter, which apparently referred to the fact that there was $80 million in losses related to scams this year. Neither he nor the SEC has provided a comment on the matter.

However, Gensler’s focus on regulation aligns with Senator Warren, as he has stressed the need for investor protection and a “cop on the beat.” Nothing concrete has come of this yet, but then again, the cryptocurrency market is quite novel.

The SEC Chairman has stated that he would look to guidance from the U.S. Treasury about the matter, whose secretary Janet Yellen has also criticized cryptocurrencies. Government officials hold investor protection, market manipulation, and compliance with AML standards as among the key priorities when it comes to crypto regulation.

US crypto regulation on the horizon

The U.S., on the whole, looks to be moving towards a broad regulatory framework, as was rumored in the early part of the year. In more recent months, the U.S. government has focused more on cybersecurity as well, following the Colonial Pipeline incident.

The urgency to form a regulatory framework that protects consumers and the country as a whole is now quite palpable. It’s obvious that the U.S. will now design a cryptocurrency framework, and it could appear very soon.

Senator Warren has commented on the cryptocurrency market on several occasions before, and it has almost always been highly critical. The former presidential candidate has suggested the idea of a central bank digital currency (CBDC) but has said that private cryptocurrencies have failed to live up to their promises.

Meanwhile, China and other countries have been racing away designing their own native digital currencies.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

BIT Launchpad: Up To 3,500 FREE BIT. Don't Miss The Beat.

Join Now!