Warren Set to Introduce New Bill Targeting Crypto Scams
U.S. Sen Elizabeth Warren (D-MA) speaks at a press conference on bank overdraft fees on July 12, 2022 in Washington, DC. Kevin Dietsch/Getty Images
The Democratic senator said she will unveil new legislation to better regulate cryptocurrency investment from larger firms “vampire sucking” money from smaller entities.
On the heels of a Congressional hearing discussing potential cryptocurrency regulations, Sen. Elizabeth Warren, D-Mass., announced a new bill to encourage stronger consumer protections within the digital asset market.
Speaking with witnesses during a Senate Banking Committee hearing on Thursday, Warren criticized both the fraudulent activity in the digital currency industry as well as the heavy investment coming from venture capital firms and hedge funds.
“Across the crypto market, the big investors are funding, hyping and then vampire-sucking money out of crypto projects that scam mom-and-pop investors,” she said during the hearing. “And that’s why I’ll soon introduce a bill to regulate the crypto market and stamp out the worst scams—by scam artists both big and small.”
Warren has worked to regulate cryptocurrencies as they become more mainstream financial assets. She previously introduced legislation to monitor digital asset transactions across borders in a bid to regulate sanction evasion, as well as a separate bill that includes cryptocurrency details in private entities’ disclosure of ransomware payments.
Capitol Hill and federal agencies are broadly looking to better understand and regulate the digital asset marketplace, with President Biden signing a historic executive order exploring the cryptocurrencies’ impact on national security and financial markets.
NEXT STORY: Congress’ CHIPS Act Passage Generates Applause