Sunday, January 23, 2022

US Senator on Crypto: We Need Real Solutions to Make the Financial System Work for Everyone, Not Just the Wealthy – Regulation Bitcoin News

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U.S. Senator Elizabeth Warren has argued that cryptocurrency is just not a path to monetary inclusion like crypto advocates declare. “Bitcoin ownership is even more concentrated within the top 1% than dollars,” she stated, emphasizing the want for “real solutions to make the financial system work for everyone, not just the wealthy.”

Senator Elizabeth Warren on Crypto and Bitcoin

U.S. Senator Elizabeth Warren (D-Mass.) commented about cryptocurrency, bitcoin, and monetary inclusion Tuesday. She tweeted:

The crypto business claims that crypto is the path to monetary inclusion, however bitcoin possession is much more concentrated inside the high 1% than {dollars}. We want actual options to make the monetary system work for everybody, not simply the rich.

Her remark was in response to an article in the Wall Street Journal claiming that the high 1% of bitcoin holders “control a greater share of the cryptocurrency than the most affluent American households control in dollars.” Citing a research by the National Bureau of Economic Research, the creator wrote that “the top 10,000 bitcoin accounts hold 5 million bitcoins, an equivalent of approximately $232 billion.”

Many Twitter customers replied to Senator Warren’s tweet. One consumer informed the Massachusetts senator: “This is not true. The fixed bitcoin supply means ownership gets less concentrated over time in congruence with adoption, usage and creation of value. There is no other alternative to fixing the money printing problem that results in an invisible tax on the average citizen.”

Another consumer tweeted to the senator: “Your argument is flawed. So I am left to assume you don’t understand BTC is not ‘all crypto’ — it’s BTC. You are only recognizing BTC as ‘crypto’ while ignoring an entire budding ‘crypto industry’ based on the transfer of value for fractions of a penny.”

Moreover, some folks reminded Senator Warren that crypto is decentralized and is for everybody, not simply the wealthy. Some questioned the claims made in the Wall Street Journal article. Several folks known as the senator from Massachusetts “ignorant” and “manipulative,” emphasizing the want for training.

The senator lately known as on regulators to “clamp down” on stablecoins and decentralized finance (defi) platforms “before it is too late.” She stated, “Defi is the most dangerous part of the crypto world.” In July, she urged U.S. Treasury Secretary Janet Yellen to urgently undertake a coverage to mitigate crypto dangers.

In September, she pressed the Securities and Exchange Commission (SEC) to handle the drawback of crypto trade outages and excessive transaction charges. She additionally careworn at the time that cryptocurrency is just not a path to monetary inclusion.

Tags on this story
Bitcoin, Bitcoin focus, Bitcoin Ownership, Decentralization, DeFi, Elizabeth Warren, financial inclusion, monetary system, actual options, Stablecoins, us senator, US Senator Warren

What do you consider Senator Elizabeth Warren’s feedback? Let us know in the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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