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'DeFi is the most dangerous part of the crypto world,' says Senator Elizabeth Warren
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Massachusetts Senator Elizabeth Warren did not hold back in her criticism of decentralized finance, expressing concern about how a run on stablecoins would affect the average investor.
In a Tuesday hearing with the Senate Banking Committee discussing stablecoins, Warren questioned Professor Hilary J. Allen of the American University Washington College of Law as to whether a run on stablecoins could potentially endanger the U.S. financial system. Though Allen said an “en masse” redemption of stablecoins from people who had lost faith in the tokens would be unlikely to have “systemic consequences” for traditional markets at present, the DeFi system would be more likely to feel the effects.
Warren countered that because stablecoins provided
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