The United States (U.S.) Senator Elizabeth Warren’s (D-Mass.) recent interview reportedly made her support for central bank digital currencies (CBDCs) apparent. It also made it clear that Senator Warren is not at all impressed by cryptocurrencies.
In a ‘Meet the Press Reports’ interview, she is also reported to have criticized the banking industry’s soaring fees, reduced transparency, and slow speeds. Senator Warren feels optimistic that government-backed CBDCs could solve all the incumbent issues.
Talking about cryptocurrencies and the required regulations she expects to get enacted for digital assets, she likens cryptocurrencies to “air.” In that, Senator Warren states that digital assets are filled with speculation.
Comparing money markets to stablecoins, Senator Warren also shared her doubts pertaining to the major stablecoins supposedly claimed to be pegged to the USD.
On March 9, the PCAOB tweeted about a new ‘Investment Advisory,’ to caution the investors:
Crypto entities may engage a service provider to issue “proof of reserve” reports. A new Investor Advisory from the PCAOB’s Office of the Investor Advocate urges investors to exercise caution with these reports. https://t.co/aAykzlc7k1 #PCAOBresources pic.twitter.com/7S6jLCC2np
— PCAOB_News (@PCAOB_News) March 8, 2023
Expressing her calling for the PCAOB (Public Company Accounting Oversight Board) to hold auditors accountable for ‘sham crypto audits,’ quote-tweeting the PCAOB, Senator Warren tweeted:
.@RonWyden and I called on @PCAOB_News to hold auditors accountable for sham crypto audits and I'm glad they're taking this step to protect investors.
— Elizabeth Warren (@SenWarren) March 10, 2023
But let's be clear: there's more PCAOB needs to do so consumers aren't left holding the bag when shady crypto firms collapse. https://t.co/cRJxwL2gBL
With the said tweet, Senator Warren stirred the Crypto Twitter community by reportedly supporting the PCAOB. This comes alongside the PCAOB issuing an advisory to warn investors to embrace caution when dealing with the proof-of-reserve audits of cryptocurrency firms.
She reportedly believes that Bitcoin does not have a strong backing, and it is an “ephemeral token. ” But CBDCs, she reportedly states, have a strong backing of the United States government, apart from also being denominated in national fiat currencies.
Reportedly building an “anti-crypto army,” Elizabeth Warren urged fellow Americans to join the “re-election campaign” by tweeting:
I’m in this fight to put our government on the side of working families. Join our re-election campaign today: https://t.co/KuZwvrwkqT pic.twitter.com/fCUcqE9PZM
— Elizabeth Warren (@ewarren) March 29, 2023
Senator Warren says, if, at the end of the day, there’s a run on the stuff, everybody wants theirs out, the United States government promises there would be something to back it up.
But the pro-crypto community believes the crypto stance of the U.S. government would only stifle innovation.
