Elizabeth Warren goes after bitcoin
Sen. Elizabeth Warren (D-Mass.) on Wednesday expressed her displeasure with bitcoin, calling it a "terrible currency" that's really only useful to "criminals" and speculative investors. The comments came during a Senate subcommittee hearing on the possibility of a central bank digital currency.
"The crypto world currently has no consumer protection, none. As a result, honest investors and people trying to put aside some savings are at the mercy of fraudsters," she said during her opening statement. She added that "crypto has become a haven for illegal activity," echoing concerns about the role bitcoin and others may play in cyberattacks, like the one on Colonial Pipeline's system. Warren also suggested she's worried about the environmental damage that energy consumption from digitally "mining" cryptocurrencies could cause.
All that said, Warren isn't necessarily opposed to digital currencies, in general. "Digital currency from central banks has great promise," she continued. "Legitimate digital public money could help drive out bogus digital private money. It could help improve financial inclusion, efficency, and safety of our financial system if that digital public money is well-designed and efficiently executed. Which are two very big ifs."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
'Sleaze baack!'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Quiz of The Week: 20 - 26 April
Puzzles and Quizzes Have you been paying attention to The Week's news?
By Rebecca Messina, The Week UK Published
-
Humza Yousaf clears the decks to battle no-confidence vote
Speed Read First minister is 'done', according to insider, but a single vote could change the balance
By Arion McNicoll, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published