U.S. Senator Elizabeth Warren (D-MA) urged Treasury Secretary Janet Yellen to spearhead the development of “a coordinated and cohesive regulatory strategy to mitigate the growing risks that cryptocurrencies pose to the financial system” in a new letter.
Dated July 26, the letter recommends that Yellen — in her “capacity as Chair of the Financial Stability Oversight Council” — “to act with urgency and use its statutory authority to address cryptocurrencies’ risks and ensure the safety and stability of our financial system.”
Warren went on to write:
“I have become increasingly concerned about the dangers cryptocurrencies pose to investors, consumers, and the environment in the absence of sufficient regulation in the United States. However, as the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system, the Council must determine whether these trends raise concerns beyond investor and consumer protection and extend to broader
