The U.S. has applauded the efforts made by the U.S. Securities and Exchange Commission and its head Gary Gensler to keep an eye on the cryptocurrency industry and to urge lawmakers to work to maintain their power there. Elizabeth Warren, a senator.
Senator Warren has remarked that when Gensler became president of the United States In order to bring the crypto ecosystem into regulatory compliance in 2021, after it reportedly exploded under the former president’s regulators, he had to “put the genie back in the bottle.”
Senator Warren continued by saying that the SEC was able to protect the investors while preventing the introduction of bitcoin exchange-traded funds. Additionally, the senator applauded the SEC for taking enforcement measures against well-known cryptocurrency proponents and exchanges for alleged insider trading. The senator continued by stating that the cryptocurrency business seems to be scared of the SEC, and that this fear is apparent from the company’s alleged annual lobbying expenditures of millions of dollars.
Senator Warren and FTX
Senator Warren is well recognized for her outspoken criticism of the bitcoin business, particularly with regard to the negative effects of mining on the environment. She also called for Sam Bankman-Fried to be held accountable to the “fullest extent of the law” in her investigation of the collapse of crypto exchange platform FTX. Her words are said to have caused a stir in the crypto industry and prompted many regulators to step up their efforts to monitor the sector.
Senator Warren encouraged the SEC to step up enforcement efforts and use all available resources. The Congress will be able to extend its arm and provide the necessary resources and the new authorities to allow the SEC to carry out its duties at full vigor in every area of the cryptocurrency industry, she added.
The senator’s call for cooperation among all American officials to oversee the many aspects of the cryptocurrency industry did not end there. On the other hand, the head of the SEC, Gensler, has also come under fire for allegedly meeting with Bankman-Fried and serving as a spokesperson for the cryptocurrency lobby. After news broke about lawmakers getting money from FTX before its bankruptcy, allegations against him gained additional attention.
Senator Warren concentrated on the cryptocurrency lobby rather than addressing the issues against the SEC chairman and other lawmakers. SEC has been steadfast in its position that cryptocurrency shall not “get a pass” in bypassing long-standing securities laws that safeguard investors and market integrity, the senator said, adding that “shady crypto players are lobbying hard in Washington.” That was described by the senator as “the proper strategy.”