Elizabeth Warren Gives SEC July 28 Deadline to Figure Out Crypto Regulation

The Democrat senator said in a letter to SEC Chair Gary Gensler that she needs answers by July 28.

Jul 8, 2021 at 1:20 p.m. UTC
Updated Sep 14, 2021 at 1:22 p.m. UTC

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.
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