US Senator Elizabeth Warren congratulated the Biden administration on cryptocurrencies and claimed that if the Trump administration or crypto supporters had listened, the FTX bankruptcy would hurt the entire market.
Elizabeth Warren 30 November In his speech at the Senate Banking Committee nomination hearing on by Martin Gruenberg He praised his work on crypto regulation. Warren stated that the fact that the FTX bankruptcy does not affect traditional markets today is due to policies that prevent cryptocurrency markets from integrating into traditional markets. Also, the senator Trump management and crypto friendly senators targeting them if they listened today with a crisis that spread throughout the market suggested that they might be confronted.
Senator Warren, in his speech, said that banks are safe today and that this is because Gruenberg, Deputy Chairman of the Banking Committee. Biden management regulators most cryptocurrencies with banks dangerously He stated that he struggled to prevent them from intertwining. These studies of the Senator, Gruenberg and other regulators Despite the Trump administration and crypto backers underlined what you did. The senator described digital assets as toxic, stating that they are not suitable for integrating into the banking system, and taxpayers will pay the consequences if they do not.
On the other hand, Deputy Chairman Gruenberg said that companies such as FTX Federal Deposit Insurance Corporation (FDIC) He answered affirmatively to a question about whether the banking system would have been less secure if it had been insured by Gruenberg said the evidence was clear and highly speculativeThe reason for the failure of these companies is that these companies, which are vulnerable and insecure, do not have direct contact with insured financial institutions. that it is limited to crypto money markets stated.
In the past weeks, many executives and investors from the crypto money industry have criticized over-regulatory actors, especially Warren, on the issue of regulation. to be unenforceable He claimed that the companies were operating in different jurisdictions because of this reason. The community stated that FTX is not regulated by the USA, so it is pointless to ask for extra strict regulation.