Crypto industry leaders ‘scared of a strong SEC’ — Senator Warren

cointelegraph.com:

United States senator and crypto skeptic Elizabeth Warren wants the Securities Exchange Commission (SEC) to “double down” on its crypto enforcement efforts, highlighting that the cryptocurrency industry is running “scared” for what’s to come next.

Warren’s comments came during an interview with the American Economic Liberties Projects on Jan. 25.

The senator opined that since Gensler was sworn in as SEC chairman in April 2021, the Commission “has made a good start” on fixing some of the problems created by the former SEC leaders under the Trump Administration.

Warren claimed that the previous SEC administration “essentially gave the green light” to open up a cryptocurrency market “full of junk tokens, unregistered securities, rug pulls, Ponzi schemes, pump and dumps, money launderings and sanctions evasions.”

But that’s now being cleaned up under Gensler’s leadership, which has industry leaders scared, according to Warren:

The crypto critic also pointed the finger at crypto lending companies, celebrity promoters and inside traders whom she said have misled andeceived retail investors.

But Warren didn’t stop there.

The Massachusetts politician said the SEC needs to “use the full force of its regulatory powers” in order to “reign in the frauds inflicted on American consumers.”

The senator also called on U.S. regulators in the banking and environment sectors to impose more accountability measures against some of the bigger players in the cryptocurrency industry.

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