Senator Warren calls for increased SEC enforcement and resources for a crackdown on cryptocurrency industry activities.
Senator Elizabeth Warren has called for the Securities Exchange Commission (SEC) to increase its enforcement efforts in the cryptocurrency industry.
In an interview with American Economic Liberties Projects on January 25, Warren said that the previous SEC administration under the Trump Administration “essentially gave the green light” for these activities to occur.
However, she added that the current SEC administration, led by Chairman Gary Gensler, is making progress in addressing these issues.
Warren criticizes the Trump administration
Senator Warren criticized the Trump Administration for giving the cryptocurrency market a “green light” to allow for these types of activities to occur. She stated that these problems are now being cleaned up under Gensler’s leadership.
Warren also pointed to the fact that the industry is spending millions of dollars each year lobbying to escape SEC oversight as evidence of their fear.
Related; Senator Warren Introduces Bill to Combat Illicit Crypto Transactions
Calls for increased enforcement
The Massachusetts representative called for Congress to deploy more authorities. Senator Warren also seeks resources that would help the SEC crackdown on the cryptocurrency industry participants.
Warren also called for increased accountability of larger crypto players by regulators in the banking and environmental sectors.
1:30PM: We'll kick off an event with @RealBankReform and @SenWarren to examine the rise and fall of the crypto industry — and what it means for policymakers.
RSVP here. You won't want to miss it.https://t.co/nj8xsJbPur pic.twitter.com/A1saROKeZU
— American Economic Liberties Project (@econliberties) January 25, 2023
Some U.S. senators, including New York Senator Ritchie Torres and Minnesota Senator Tom Emmer, do not agree with Senator Warren’s views on the SEC’s enforcement of the cryptocurrency industry. The two called for investigations and criticized the SEC for its failure to expose alleged fraud and flawed information-gathering efforts.
