Crypto skeptic U.S. Sen. Elizabeth Warren (D-Mass.) gave the Securities and Exchange Commission (SEC) until the end of this month to figure out its role in regulating cryptocurrencies.
- The senator, who chairs the Senate Banking Committee's Subcommittee on Economic Policy, said in a letter to SEC Chair Gary Gensler that she needs answers by July 28.
- Despite the rising popularity of crypto, a "lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” Warren said.
- "The SEC must use its full authority to address these risks, and Congress must also step up to close these regulatory gaps," she added.
- Warren has long been critical of bitcoin, describing the crypto as "speculative in nature and going to end badly" during a CNBC interview in March.
- She also voiced her concerns about the lack of regulatory clarity involving crypto and the energy usage of proof-of-work cryptocurrencies during a June subcommittee hearing.