Crypto currency is the ‘Wild West’

Sen. Elizabeth Warren advises the digital currency market needs better oversight and 'is not a good investment.'

By

National News

June 10, 2021 - 10:11 AM

Sen. Elizabeth Warren speaks to a crowd in Detroit on March 3, 2020. (Mandi Wright/Detroit Free Press/TNS)

The U.S. government needs to step up oversight of the digital currency market and find ways to protect consumers from scams stemming from the rapid rise of cryptocurrencies, Massachusetts Democratic Senator Elizabeth Warren said Wednesday.

Warren, in a Bloomberg TV interview, called the market for cryptocurrencies the “Wild West,” and said digital currency is “not a good way to buy and sell things and not a good investment and an environmental disaster.”

Earlier in the day, Warren chaired a Senate Banking subcommittee hearing that explored issues with existing cryptocurrencies as well as whether the U.S. Federal Reserve should issue its own, known as a central bank digital currency. Some of the witnesses suggested that world governments should crack down on Bitcoin and other cryptocurrencies and potentially even prohibit them from being converted back into U.S. dollars. Warren also said during the hearing that the amount of energy needed to power the Bitcoin network threatens the environment.

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