• 23 July, 2024
News

U.S. Senator Elizabeth Warren Optimistic for CBDCs

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:

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:

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:

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.

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