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Elizabeth Warren: Cryptocurrency lacks ‘ordinary protections’ for investors

Massachusetts senator Elizabeth Warren joins Influencers to talk about the need for SEC regulation around cryptocurrencies in the U.S.

Video transcript

ELIZABETH WARREN: I put this one again with the FCC. A reminder why we need a good strong regulatory agency that can continue to update. You know the last time we wrote a set of rules around how how money operates for sure was long before anything like cryptocurrency had come along. And now that it's not just Bitcoin it's one after another after another.

Inviting investors to come in without the ordinary protections of the transparency, and disclosures, and auditing that you get when a regular company is out there offering its stock for trade in the market. So I think that's relevant. I also think with Bitcoin and the other cryptocurrencies

I think there's a real issue about the environmental impact as well. This whole notion of how much energy is consumed or just to keep the currency tracking going. You know you don't consume that kind of energy in order to have money on deposit at a bank or a mutual fund. In that sense Bitcoin is very different. And in a 21st century we're becoming a lot more sensitive to the worldwide impacts of the choices we make. And that means including the choices in the kind of currency we use.