Senator Warren on Crypto: "Unreliable, Devastating, Dangerous"
During a Tuesday hearing held by the U.S. Senate Banking Committee, Sen. ElizabETH Warren (D-MA) painted a rather grim picture of cryptocurrencies, reading a litany of problems that she believes plague the industry:
Theres a whole list of problems: unreliable tech, scams, devastating climate impact, but high unpredictable fees can make crypto really dangerous for people who are not rich.
The former presidential candidate, whos considered to be one of the most left-wing politicians in the U.S., says that regulators need to step up in order to protect ordinary investors.
Warren mentioned that the fee for swapping tokens on the Ethereum network on decentralized finance platforms was more than $500 one week ago.
She claims that small investors could get “jammed” and wiped out entirely because of the need to pay the exorbitant commission in order to withdraw their money.
The Massachusetts lawmaker also took issue with coinbase experiencing downtime during the Sept. 7 market collapse, which prevented some users from accessing their funds.
Warren pointed to the sheer magnitude of the crash: “In a matter of hours, $400 billion in market value just disappeared.”
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Bitcoin Global Legalization: A survey of countries that accept and reject Bitcoin.
Since the inception of Bitcoin in 2009 by the unknown founder popularly known as Satoshi Nakamoto, the march for its legalization as well as other cryptocurrencies had continued till this point. While some countries had officially legalized Bitcoin and accepts it as a legal tender, others rather reject and ban it. The rest tend to maintain a neutral approach of tolerating it without either banning nor legalizing it. The major reason for this has been that Bitcoin and other cryptocurrencies lacks regulation and centralization and hence, beyond the control of the government. However, there is a general vision that given the popularity of Bitcoin itself and other cryptocurrencies, more countries will in no distant time give an official approval and legalization of Bitcoin and Cryptocurrencies.
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