Crypto market are highly opaque and volatile, understand the risks : Elizabeth Warren
Elizabeth Warren warned people about Cryptocurrency Investment risk and also requested the SEC to guide them for necessary action that congressional regulatory is needed.
Elizabeth Ann Warren is a 73 year old American politician and former law professor in the United States. And also she heads the Senate Banking Committee’s Subcommittee on Economic Policy in the U.S.
On 28 July, she requested in written form to the Securities and Exchange Commission Chair Gary Gensler to guide the Congressional regulatory authorities of the U.S that is needed for them to follow according to the current situation.
According to the reports Warren requested to SEC by the consideration of the risk of Cryptocurrency use. According to her Cryptocurrency demand is increasing day by day and it cannot be stopped easily. Cryptocurrency market is “highly opaque and volatile.”
She also said that the increasing demand of crypto investors and crypto exchanges forced the regulatory authorities to implement the laws only to prevent the fraudsters and manipulators’ risks.
But it will be a big issue in the future to prevent other types of possible risks that may arise in future. They have to take action before the problem will start.
“These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets”
Senator Pat Toomey involved in this matter and created a controversy in the Crypto community because recently he revealed that he invested in Grayscale fund & Ethereum Trusts but here now he is taking something in negative ways and instead to talk about perfect regulation, they stating negative comments over Cryptocurrency use.
Last month Toomey wrote a letter to Treasury Secretary Janet Yellen and said “ the rules would adversely affect Americans’ “fundamental privacy.”
According to 2012 STOCK Act, all the members of Congress required to reveal their Investment in crypto & stocks. So Barry Moore, one of the members of congressmen, revealed his Investment in Cryptocurrency.
Related: US lawmaker Barry Moore Added DogeCoin & Ethereum To Portfolio
Well all things are at one side and their positive actions are at one side. Recently Bank of America created a team to investigate & reserve the Cryptocurrency market and ecosystem & technology.
According to the head of a global bank, Cryptocurrencies and digital assets constitute one of the fastest-growing emerging technology ecosystems.”
Read also:Square Will Develop New Futuristic Bitcoin Wallet With integration Of CashApp
