Senator Elizabeth Warren, a longtime crypto critic, warned recent turbulence in the digital asset space will only continue unless a host of regulators strengthen protections for investors.
“For all their talk of innovation and financial inclusion, crypto industry giants — from FTX to Celsius to Voyager — are collapsing under the weight of their own fraud, deceit and gross mismanagement,” she said. “And when they sink, they take a lot of honest investors down with them,” Warren added during her comments Wednesday at an event hosted by the American Economic Liberties Project and Americans for Financial Reform.
And without naming Bankman-Fried directly, Warren praised the SEC for charging “crypto crooks” with defrauding ordinary investors. But the SEC can’t fix it all. “All our regulators need to get in the game,” Warren said, calling on environmental and banking officials to step up. “Crypto mining firms are polluting communities, they’re straining power grids, and they’re driving up utility costs in communities from Texas to New York,” she said.
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