Warren Set to Introduce New Bill Targeting Crypto Scams – By Alexandra Kelley (Nextgov) / July 29, 2022
The Democratic senator said she will unveil new legislation to better regulate cryptocurrency investment from larger firms “vampire sucking” money from smaller entities.
On the heels of a Congressional hearing discussing potential cryptocurrency regulations, Sen. Elizabeth Warren, D-Mass., announced a new bill to encourage stronger consumer protections within the digital asset market.
Speaking with witnesses during a Senate Banking Committee hearing on Thursday, Warren criticized both the fraudulent activity in the digital currency industry as well as the heavy investment coming from venture capital firms and hedge funds.
“Across the crypto market, the big investors are funding, hyping and then vampire-sucking money out of crypto projects that scam mom-and-pop investors,” she said during the hearing. “And that’s why I’ll soon introduce a bill to regulate the crypto market and stamp out the worst scams—by scam artists both big and small.”
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