US Democratic party senator, Elizabeth Warren has let it be known that she will be bidding for the presidency in the 2020 general elections in a report by the New York Times. Warren is a respected senator from Massachusetts who’s been in office since 2013.
The senator has gained a reputation for being less than enthusiastic about crypto-currencies having repeatedly voiced her concern about the safety of investors and their susceptibility to scam ICOs. She also believes that cryptos are easy to steal and is generally pessimistic about them.
While addressing a Senate banking committee hearing, she stated; “the challenge is how to nurture productive aspects of crypto with protecting consumers” she also emphasized the point that Americans are increasingly falling victim to crypto scammers stating that;
“It’s American families that end up paying the price when any regulator says we’re more interested in Wall Street. What I think is that we need a Federal Reserve that is engaged in watching where risk builds up in the system. That’s the Fed’s job — that’s not the job of American families.”
Regulation in the crypto space is not an issue that only concerns senator warren, many financial players and crypto enthusiasts such as venture capitalist Fred Wilson have expressed concern about the same. In a blog post, Fred expressed concern about the “actions brought by misguided regulators who will take aim at high-quality projects and harm them.”
Last month, US representatives Ted Budd and Darren Soto introduced two bills seeking to prevent crypto price manipulation while also optimizing the regulatory framework. The first bill outlines possible scenarios of crypto price manipulation while also proposing remedies, while the second bill calls for a comparative study of regulatory arrangements in other countries.
Crypto has made headway in states like Ohio where the state is accepting crypto tax payments for businesses. Private taxes are however not possible with crypto. Other states have tried to follow in Ohio’s footsteps but have faced pushback from state lawmakers
