Sen. Elizabeth Warren, D-Mass., has called for stricter regulation of the crypto industry in an event hosted by the American Economic Liberties Project.
Warren argued that the Securities and Exchange Commission (SEC) should play a leading role in tackling the challenges posed by the crypto industry.
The event brought together notable crypto critics, including legal scholars and progressive policy experts, who discussed various issues related to crypto regulation.
One of the main topics of discussion was the effectiveness of SEC Chairman Gary Gensler, who has been facing criticism from the crypto industry.
Matt Stoller, a director of research at the American Economic Liberties Project, defended Gensler, stating that there is a “smear campaign against Gensler right now from the industry trying to blame Gensler for what the industry did.”
The participants also pushed for the launch of a real-time payment system by the Federal Reserve, which has faced repeated delays.
Saule Omarova, a current Cornell Law professor and former federal banking nominee, argued that the new system, known as FedNow, would alleviate the need for faster payments and eliminate the claims made by the crypto industry that digital assets can speed up transactions.
Other panelists, including Hilary Allen and Matt Stoller, also called for the launch of FedNow as soon as possible, stating that the crypto industry has not solved the problem of access to payments.
Overall, the event’s participants were in favor of stricter regulation of the crypto industry and the role of the SEC in enforcing it. They also called for the launch of a real-time payment system by the Federal Reserve to address the issues of access to payments.
