Cryptocurrency skeptic US Senator Elizabeth Warren has given the Securities and Exchange Commission (SEC) until the end of this month to understand its role in regulating cryptocurrencies.
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The senator, who chairs the Economic Policy Subcommittee of the Senate Banking Committee, said in a letter to SEC Chairman Gary Gensler that he needed answers by July 28, Reuters reported on Thursday.
Warren, despite the growing popularity of cryptocurrencies, “The lack of prudent regulation has left ordinary investors at the mercy of manipulators and swindlers” said. “The SEC must exercise its full authority to address these risks, and Congress must take steps to close these regulatory loopholes.” he added.
Warren has long been critical of cryptocurrencies. Describing cryptocurrencies as speculative in nature during a CNBC interview in March, Warren said it would end badly and received a huge backlash from the crypto community.
He also expressed concern over the lack of regulatory clarity regarding the energy use of cryptocurrencies and proof-of-work cryptocurrencies during a subcommittee hearing in June.