Senator Elizabeth Warren Guarantees the Trump Administration “gave a go-ahead” to a Cryptocurrency market full of junk tokens, rug pulls and Ponzi Schemes.
United States senator and Crypto Cynic Elizabeth Warren needs the Securities Exchange Commission (SEC) to “double down” on its Crypto enforcement efforts, highlighting that the Cryptocurrency industry is running “scared” for what’s to come straightaway.
Warren’s comments came during a meeting with the American Economic Liberties Projects on Jan. 25.
The senator believed that since Gensler was confirmed as SEC executive in April 2021, the Commission “has made a decent beginning” on fixing some of the issues created by the former SEC leaders under the Trump Administration.
Warren claimed that the past SEC administration “basically gave the go-ahead” to open up a cryptocurrency market “full of junk tokens, unregistered securities, rug pulls, Ponzi schemes, siphon and dumps, money launderings and sanctions evasions.”
Under Gensler’s leadership, that has industry leaders scared, according to Warren:.
“Apparently the commission is as yet ramping up. That is the reason the industry is scared of a strong SEC, and that’s the reason it is burning through huge number of dollars every year lobbying to get away from SEC oversight.”
The Crypto Critic also blamed Crypto lending companies, celebrity advertisers and inside traders whom she said have deluded andeceived retail investors.
Yet, Warren didn’t stop there.
The Massachusetts lawmaker said the SEC needs to “use the full force of its regulatory powers” to “reign in the frauds caused for American consumers.”
“The SEC should double down and use its tools to enforce the guidelines, and where the SEC needs more cops on the beat, then Congress needs to move forward with the resources and the new authorities that are expected to guarantee the SEC can take care of its responsibilities at full strength in every corner of the Crypto market.”
The senator also called on U.S. regulators in the banking and environment sectors to force greater accountability measures against some of the bigger players in the cryptocurrency industry.
“The commission has been loud and clear that Crypto doesn’t get a pass for longstanding security regulations that safeguard investors and guarantee the integrity of our financial markets,” she added.
However, not all U.S. senators appear to have placed Gensler’s SEC on the same platform.
New York Senator Ritchie Torres asked the U.S. Government Accountability Office on Dec. 6 to conduct an investigation into the SEC’s inability to look at and uncover FTX’s alleged fraud months before the cryptocurrency exchange collapsed:
“One can’t keep away from accountability while asserting authority.”
A couple of days later, on Dec. 10, Minnesota Senator Tom Emmer pummeled the SEC and Gensler for his flawed “Crypto information-gathering efforts” following FTX’s implosion, saying that he should need to make sense of the cost of his “Regulatory Failures” to Congress.