David Schwartz, chief technology officer at blockchain company Ripple, believes that Massachusetts Senator Elizabeth Warren might actually have a point when it comes to cryptocurrency regulation.Ā
In a recent op-ed published by The Wall Street Journal, Warren argues that crypto might end up taking down the economy if there is no proper oversight.Ā
Even though the senator acknowledges that cryptocurrencies could potentially make the financial system more inclusive, she also points to the fact that history is ālitteredā with all kinds of fraudulent financial schemes that were advertised by ācriminals and charlatans.ā
Warren argues that cryptocurrency executives who break the law are no different from other tools, which is why the Justice Department should use its āfull range of tools.ā
Related Morgan Stanley Compares Bitcoin (BTC) to Tesla (TSLA) The lawmaker added that the U.S. Securities and Exchange Commission had to āsuit upā as well.Ā
Warren also took a swipe at cryptocurrency mining firms that strain the power grid and increase greenhouse gas emissions.Ā She has stressed that crypto has to be subject to the same rules as other financial sectors.Ā
Rippleās Schwarz argues that is not āan awful position to work withā since Warren recognizes the importance of changing cryptocurrency regulation. He adds that this is important for getting crypto rules right.Ā Warren has long been one of Congress' leading crypto skeptics.
As reported by U.Today, the progressive lawmaker said that crypto was āunreliable, devastating, and dangerousā in a September interview.Ā In early April, Warren compared buying Bitcoin to buying air.