Sen. Warren asked SEC Chair about lack of safety for cryptoinvestors

 In response to proposals for cryptoconsumer protocols in the US, the former presidential candidate has addressed the President of the SEC.

The present regulatory climate for crypt has once again alerted Senator and former presidential contender Elizabeth Warren.

According to Reuters, Warren has requested replies on the scope of SEC's crypto-supervision in the field of consumer protection to Gary Gensler, Chair of the Securities and Exchange Committee in the U.S.

The Chairman of the Subcommittee on Economic Policy complained in a statement released by Warren that cryptoinvestors were not protected from the activity of rude actors and he added that: 

"Consumers and investors are threatened by these regulatory loopholes and weakens the safety of our financial systems. In order to manage these risks, the SEC must utilize its full power and Congress must also make efforts to resolve this regulatory gap."

According to Reuters, Warren's letter to Gensler requested the SEC chairman to investigate if the Commission's aim to provide a fair investment market environment is undermined by crypto-exchanges.

The current lack of fundamental investor protection regulations in the crypto-market "extremely opaque and volatile" is "unsustainable" says Warren. Gensler has allegedly reacted to Warren's question until July 28. 

Warren, as Cointelegraph has previously documented, is a well-known cryptist who, during a Senate Banking Committee meeting in June, characterized digital currencies as "false private cash."

In fact, the anti-crypto reproach of the senator reflects feelings voiced at the hearing when she called "loose investment" bitcoin.

Also outpoken detractors of cryptocurrencies were several government figures, notably Janet Yellen, Secretary of the US Treasury Department.


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